Succeed In Reducing Emissions And Forest Degradation, Gabon Will Get IDR 2.1 Trillion

JAKARTA - Gabon has succeeded in becoming the first African country to receive compensation for fresh funds, after successfully reducing carbon emissions and forest degradation.

The compensation of 14 million euros or around IDR 240.187.382.540, is based on an independent assessment of the country's efforts to reduce CO2 emissions in 2016 and 2017.

These results-based payments are part of a groundbreaking agreement between Gabon and the Central African Forest Initiative (CAFI), launched in 2015 by the United Nations and supported by donors, including the Government of Norway.

The 10-year deal, signed in 2019, could see the country receive nearly 126 million euros or around IDR 2.161.686.442.860 if it meets its target of halving carbon emissions by 2025.

"This is the first time that an African country has been awarded for reducing forest-related emissions at the national level", said Sveinung Rotevatn, Norway's Minister of Climate and Environment.

"It is very important for Gabon to take this first step. The country has shown that with vision, dedication, and strong drive, emission reductions can be achieved in the forests of the Congo Valley", he continued.

Gabon's forests cover 88 percent of the country and are home to unique wildlife, including 60 percent of the world's remaining forest elephants. Trees absorb a total of 127 million tonnes of CO2 each year, the equivalent of removing 30 million cars from the world's roads.

To preserve its rainforests, Gabon has created 13 national parks since the early 2000s. Since 1990, deforestation rates are historically lowest in the region - less than 0.08 percent.

This means that reducing carbon emissions by protecting forests is a difficult task, but that has not stopped countries from introducing ambitious targets.

Gabon's Minister of Water and Forests, Oceans and Environment Professor Lee White said the first compensation funds his country received would be used to help finance further forest conservation projects.

"This also paves the way for Gabon to finalize the systems that will be needed to allow the country to officially sell carbon credits in the future".

The money will be used to invest in a number of projects to reduce carbon emissions including community forestry, scientific research, and systems supporting protected areas.

White added that CAFI's acknowledgment of the country's efforts is encouraging, as they are a global reference for this type of payment.

"We are working with partners to develop payment mechanisms, which will allow us to stabilize forests, reverse deforestation and forest degradation in HFLD (high forest/low deforestation) countries, rather than simply slowing deforestation", he concluded.