Costa Rica will receive $ 60 million from the World Bank for its forestry efforts in the face of the climate crisis

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Costa Rica today signed an agreement that will allow it to receive $ 60 million dollars over the next five years, in recognition of forest protection and the reduction of emissions carried out by thousands of families, communities and public entities that own forest land.

The funds come from the Agreement on Payment for Emission Reductions with the Cooperative Fund for Carbon in Forests, known as ERPA (Emission Reduction Purchase Agreement, for its acronym in English) between the Government of Costa Rica and the Cooperative Fund for Carbon of the Forests (FCPF) which is administered by the World Bank.

This was announced by the World Bank today at an event in Brussels in which it revealed the countries that will receive financing from the Fund. In Costa Rica, the Minister of Environment and Energy, Andrea Meza Murillo, signed the agreement that allows the country to access the money.

The ERPA establishes non-reimbursable financing –for a total of $ 60 million dollars that will be paid in three tracts– for the reduction of greenhouse gas emissions generated by the actions carried out by Costa Rica in maintenance and protection of forests.

These funds will go to individuals and organizations that own forest land and that voluntarily wish to participate in the program. The agreement will particularly benefit key populations such as indigenous territories with forests and organized groups of women and young people who carry out conservation actions but who, due to their conditions, do not own the land. This is intended to increase the participation of key players in reducing CO2 emissions.

The President of the Republic, Carlos Alvarado, indicated that these funds are intended to generate a particular benefit to key populations such as indigenous territories with forests, as well as to organized groups of women and young people that carry out conservation actions, but that due to their conditions they do not they own the land.

The payment of the $ 60 million will be made in three tracts and in recognition of the capture of 12 million tons of carbon dioxide equivalent. Tracts are projected as follows:

  • First payment in 2021, for 3.4 million metric tons of tCO2e captured between 2018 and 2019.
  • Second payment in 2022, for 3.4 million metric tons of tCO2e captured between 2020 and 2021.
  • Third payment in 2025, for 5.2 million metric tons of tCO2e captured between 2022 and 2024.

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