Mozambique First to Receive Funds for Reducing Carbon Emissions
Mozambique has received U.S.$6.4 million through the Forest Carbon Partnership Facility (FCPF), making it the first country to receive payments from a World Bank trust fund for reducing carbon emissions, deforestation and forest degradation.
The agreement could unlock U.S.$50 million for reducing up to 10 million tons of carbon dioxide emissions in Mozambique's Zambezia Province by the end of 2024.
According to the World Bank's representative in Mozambique, Idah Pswarayi-Riddihough, "preventing deforestation and increasing efforts to restore those forests that have already been damaged are the twin actions essential to ensuring a safer, climate-resilient, and more prosperous future for local communities and the country as a whole". She said that the funds will "provide much-needed finances to improve sustainable forest management and resilience".
FCPF is a global partnership of governments, businesses, civil society, and Indigenous Peoples' organizations focused on reducing emissions from deforestation and forest degradation, forest carbon stock conservation, the sustainable management of forests, and the enhancement of forest carbon stocks in developing countries, activities commonly referred to as REDD+.
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