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World Bank Paying Ethiopia $68M For Carbon Trading, Green Business Development #Investorseurope #Ethiopia

World Bank Paying Ethiopia $68M For Carbon Trading, Green Business Development #Investorseurope #Ethiopia | Africa : Commodity Bridgehead to Asia | Scoop.it
World Bank paying Ethiopia $68M for carbon trading, green business development. Revenue earned by carbon trading goes to the local community, officials say.
Comrade's insight:

"Two World Bank projects totaling $68 million are scheduled to begin this year in Ethiopia, aimed at restoring forests and sequestering carbon in the much fought-over Oromio region."

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8B AlexL's curator insight, March 23, 8:22 AM
This article is about two World Banks donating $68 million. They aimed at restoring carbon.The Washington, D.C. World Bank said that their goal is to reduce poverty. These must be guided by foreign investment. Environmentally-friendly businesses which includes forest tourism are under the program. One fund is $18 million and is aimed for restoring forests on land. The other is a $50 million fund for a program for carbon. An additional $18 million is focused on developing approaches that enable sustainable land use and reducing greenhouse gas emissions. Ethiopia wants to change while gaining financial benefit. Ethiopia’s goal is to become net carbon neutral by 2025. It aims to accomplish this through efforts that include carbon trading. 

This helps me understand Africa because I had an idea of poverty in Ethiopia. I knew that they were very poor. I think that the two World Banks are doing the right thing, trying to reduce Ethiopia's poverty. By 2025 I think that the net carbon can be neutral by 2025.
8A JessicaL's curator insight, March 24, 6:32 AM
This article is about two world banks totaling $68 million are to be established this year in Ethiopia. The two banks are aiming to restoring forests and remove carbon in the Oromio region. The Washington D.C based World Bank says that its goal is to reduce poverty, but all its decisions must be guided by commitment to promote foreign investment and international trade and facilitate capital investment. Ethiopia's Oromia region constitutes 34.3 percent of the country's landmass, largely in the southwest, and holds more that a third of the country's 100 million residents. It is also know to be Ethiopia's largest concentration of biodiversity. The $69 million Oromia Forested Landscape Program project was established through two world bank funds. One fund is for $18 million and is aimed at the restoration of forests  on degraded land. The other $50 million fund aims at carbon sequestrating assessment and performance enhancement. The program is designed to build on existing landscape protection and the project approaches to reducing emissions from deforestation and forest degrading in an effort to finance improved land use across Oromia. The country's current forest is about 1,150 acres. Ethiopia's goal is to become net carbon neutral by 2025. They will do this through efforts that include carbon trading. This would involve the country doubling its forests cover to around 30 percent of its landmass. 

This is related to what we are learning because according to the textbook on page.28, "Hardwood trees grow in all four regions of Africa. People can earn money by cutting down the trees and selling them." This is known as carbon trading. Thousands of trees have been cut in Ethiopia and shipped to other countries for profit. Even though the country is making profit, cutting down trees is bad for the environment because it can lead to extinction of vulnerable species. Deforestation results in larger amounts of greenhouse gases reaching in the atmosphere because trees can not absorb carbon dioxide when they are cut down. This is also related  to Chiang Mai because we are being trapped in pollution. Also, many forests in Chiang Mai are being burned down.
Africa : Commodity Bridgehead to Asia
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