Costa Rica is on track to be the first country to access large-scale performance-based payments for conserving forests, regenerating degraded lands, and scaling up agroforestry for sustainable landscapes and livelihoods.
Together with the Forest Carbon Partnership Facility (FCPF), the Government of Costa Rica has announced its Emission Reductions Payment Agreement (ERPA). Through the agreement, the FCPF Carbon Fund is able to purchase carbon credits up to a value of US $63 million.
It is hoped the initiative will encourage a greater number of landowners in the country to participate in Payments for Environmental Services (PES) programs to protect and regenerate forests on about 340,000 hectares of privately owned land and also in Indigenous People's territories. The government is confident it will also help Costa Rica to reach its goal of becoming carbon neutral by 2021.
This reduced emissions from deforestation and forest degradation (REDD+) scheme is the first to be implemented at a quasi-national level and one of the largest to date. Importantly, 10 per cent of the target area is on Indigenous Peoples' territories.
The World Bank is confident the initiative will contribute significantly to Costa Rica's efforts to manage forest and agricultural landscapes holistically.
Read the media release: Costa Rica First to Negotiate Sale of Forestry Carbon Credits