World Bank, Bio-carbon Fund makes about US $1million Carbon Credit Payments to COMACO and 9 East Communities
Nine communities based in Eastern province of Zambia have received carbon credit payment of US$814,406.46 of emissions reduction payment agreement from the World Bank and Bio-carbon Fund (Biocf ).
Eastern Province Minister Makebi Zulu presented the Carbon credit cheques payments at COMACO on 20th October, 2017 in Chipata. This follows the successful verification of carbon credits, and Zulu noted that the reduction emission has earned COMACO and the participating 9 communities’ recognition and financial reward from the World Bank and bio-carbon fund (BIOCF).
Out of the total payment of US$814,000, US$489,320 will be transferred directly to the communities in 9 chiefdoms. COMACO assisted the communities to undertake community based initiatives that led to reduced emissions of greenhouse gases through reduced emission from deforestation and forest degradation (REDD) and sustainable Agriculture and landscape management (SALM)
The nine communities have managed to successfully reduce carbon emissions by 214, 495 ton of carbon dioxide (CO2). Through collaborative efforts with the World Bank, COMACO and the respective communities have learned how to store carbon in their soils and enforce protection of their trees.
Zulu further stated that the payments to the communities represent a business transaction for work done to reduce carbon emissions and indirectly help Zambia achieve conservation of its soils and forest preservation. The transaction also helps the rural communities to get empowered through participation in an economic activity.
The initiative like this one should be pursued by all the sitting members of parliament for their specific areas and it should only be the limited resources allocated by the World Bank that should limit Zambia's rural communities from participating in such initiatives. Makebi Zulu and COMACO have laid a blue print which should see all MPs with rural communities that rely on forest for both food and energy needs to get on board as this provides a good opportunity for not only conserving Zambia's soils and forests, but will earn the rural folks carbon credits that can be converted into cash payments. Nine communities based in Eastern province of Zambia have received carbon credit payment of US$814,406.46 of emissions reduction payment agreement from the World Bank and Bio-carbon Fund (Biocf ).
Eastern Province Minister Makebi Zulu presented the Carbon credit cheques payments at COMACO on 20th October, 2017 in Chipata. This follows the successful verification of carbon credits, and Zulu noted that the reduction emission has earned COMACO and the participating 9 communities’ recognition and financial reward from the World Bank and bio-carbon fund (BIOCF).
Out of the total payment of US$814,000, US$489,320 will be transferred directly to the communities in 9 chiefdoms. COMACO assisted the communities to undertake community based initiatives that led to reduced emissions of greenhouse gases through reduced emission from deforestation and forest degradation (REDD) and sustainable Agriculture and landscape management (SALM)
The nine communities have managed to successfully reduce carbon emissions by 214, 495 ton of carbon dioxide (CO2). Through collaborative efforts with the World Bank, COMACO and the respective communities have learned how to store carbon in their soils and enforce protection of their trees.
Zulu further stated that the payments to the communities represent a business transaction for work done to reduce carbon emissions and indirectly help Zambia achieve conservation of its soils and forest preservation. The transaction also helps the rural communities to get empowered through participation in an economic activity.
The initiative like this one should be pursued by all the sitting members of parliament for their specific areas and it should only be the limited resources allocated by the World Bank that should limit Zambia's rural communities from participating in such initiatives. Makebi Zulu and COMACO have laid a blue print which should see all MPs with rural communities that rely on forest for both food and energy needs to get on board as this provides a good opportunity for not only conserving Zambia's soils and forests, but will earn the rural folks carbon credits that can be converted into cash payments