World Bank To Buy Carbon Credit From Congo Project
“The World Bank said Tuesday it will buy 500,000 tons of carbon credits from a forest project replanting about 4,120 hectares destroyed by deforestation in the Democratic Republic of Congo (DRC)….The World Bank said it had signed an Emission Reductions Purchase Agreement (ERPA) with Congolese firm Novacel, the first of its kind in the West African country….” [Reuters/Factiva]
Afrol News adds that “…through this agreement, the World Bank-administered BioCarbon Fund… is using carbon finance to generate resources for health, education, and agro-forestry activities while also trapping an estimated 2.4 million tons of carbon dioxide (CO2) over the next 30 years…. The BioCarbon Fund has had a pivotal role in enabling the project developer, Novacel, to obtain loans from private firms to finance the upfront investments of the project. The BioCarbon Fund has attracted the participation of another carbon buyer, Orbeo, a subsidiary of the French conglomerate Société Generale, which is buying a similar amount of credits….” [Afrol News (Lesotho)]
SNS writes that “… ‘We are very happy to see how innovative financial instruments, such as the BioCarbon Fund, can facilitate the generation of a revenue stream for a poor community, in the form of carbon credits,’ said World Bank Vice President for Sustainable Development Katherine Sierra….
‘We hope that this first initiative will lead to many more such projects, thus establishing a mechanism to finance sustainable development in DRC,’ said World Bank Country Director for DRC Marie Francoise Marie-Nelly…” [States News Service (US)/Factiva]
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