Nepal selected for carbon market
Nepal has been selected as one of the four countries for promoting forest conservation by controlling deforestation and degradation as well as profiting off forest carbon stocks, according to Ministry of Forests and Soil Conservation.
Nepal was chosen as one of four countries – including Ghana, Mexico and Congo Republic – for results-based payment system for Reducing Emissions from Deforestation and Forest Degradation plus scheme, during the ninth meeting of Carbon Fund under Forest Carbon Partnership Facility and implemented by World Bank on April 9-11 in Belgium,
Reducing Emissions from Deforestation and Forest Degradation plus – a UN finance mechanism developed for developing countries in Asia, Africa and Latin America to insure monetary benefits by conserving forest and reducing emissions of harmful gases causing global warming and climate – will utilise Carbon Fund collected by the World Bank.
The Emission Reduction Programme Idea Note (ER-PIN) was submitted at the meeting by a high-level delegation team from the ministry.
Nepal will be now able to access funds worth $650,000 from for preparing a Detailed Emission Reduction Programme Document for being selected for Emission Reduction Programme Idea Note.
Nepal, as part of their report submitted to Being selected for Emission Reduction Programme Idea Note has included reducing emissions equivalent to 14 million carbon dioxide from 12 Tarai districts extending from Rautahat to Kanchanpur between 2015 and 2020 through the REDD plus scheme.
The World Bank has initially agreed to buy the carbon stocks worth Rs 14 million, benefiting the country through forest carbon market approach.
Nepal is likely to become only the second country after Costa Rica to be involved in the forest carbon market as part of the REDD plus scheme.