Madagascar triumphs: $8.8 million earned in groundbreaking carbon credit deal

Madagascar has secured $8.8 million in carbon credits, marking a pivotal moment as the third African nation (following Mozambique and Ghana) compensated by the World Bank under the REDD+ program for slashing 1.76 million tonnes of carbon emissions in 2020.

A view through leaves to the Tropical Forests of Madagascar.

Under the Emission Reductions Payment Agreement (ERPA), Madagascar stands to unlock up to $50 million by 2024 for curbing 10 million tonnes of carbon emissions along its rainforest-rich eastern coast. This initial payment comes after independent validation of emission reductions reported by Madagascar's Bureau National de Changement Climatique et REDD+ (BNCCREDD+).

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Atou Seck, World Bank's Country Manager for Madagascar, commended the nation's efforts, emphasizing the crucial role of the eastern forests in climate mitigation and resilience. These rainforests, covering 10% of Madagascar, provide vital ecosystem services and support biodiversity conservation, watershed protection, and disaster mitigation.

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Madagascar, a biodiversity hotspot, faces deforestation challenges from small-scale agriculture, energy production, illegal mining, and forest harvesting. The emissions reduction program spans 7 million hectares, addressing direct and indirect causes of deforestation. Lovakanto Ravelomanana, BNCCREDD+ Coordinator, highlighted 15 REDD+ initiatives with benefit-sharing plans to empower local communities and promote conservation-friendly practices.

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