ADDIS ABABA – Ethiopia’s utmost efforts to the development of the forestry industry is projected to yield approximately 100 million USD in revenue from carbon trade by 2030, Ethiopian Forest Development (EFD) disclosed.
EFD National Red Plus Program Coordinator Yitebtu Moges (PhD) told The Ethiopian Herald that Ethiopia is selling carbon credits to the World Bank having a plan to generate the one hundred million USD within seven years.
Over the past decade, the country has generated 150 million USD in revenue through various activities, with support from the World Bank and Norway, he said.
This financial reward recognizes the significant efforts made by Ethiopia to protect and enhance its forest cover, which effectively reduces carbon emissions, he noted.
Yitebtu stated that carbon trading is a long-term endeavor influenced by market conditions and currently, the payment received is determined by the quantity and size of the forest, measured in tons of carbon content.
This not only ensures the preservation of ecosystems but also maintains climate balance, he added.
And he also mentioned the collaborative efforts with foreign assistance and the recent agreement with the World Bank, which will contribute 40 million euros for forest maintenance in the Oromia region.
He further noted that one million hectares of forest in the Southwest Ethiopia People’s Region are being conserved and managed, with assistance provided to the local population.
This large-scale initiative aims to enhance income opportunities while prioritizing sustainable forest management practices, according to the coordinator.
He remarked on the significance of expanding the national-level Green Legacy Program adding that the government should allocate additional resources to support the sector considering the substantial economic potential it holds.
Ethiopia is commendable in the forestry industry not only for contributing to global climate goals but also for creating significant economic opportunities, he noted
By safeguarding its forests and efforts engaging in carbon trading, Yitebtu mentioned that the country has ability to dominate the market and generate billions of dollars annually from the carbon trading sector.
He suggested the establishment of a national carbon center, bringing together domestic and international experts, to help Ethiopia fulfill its commitment to reducing carbon emissions as outlined in the Paris Agreement.
BY FIKADU BELAY
THE ETHIOPIAN HERALD SATURDAY 28 OCTOBER 2023
