FCPF and Costa Rica Sign Landmark REDD+ Agreement
10 September 2013: The World Bank, on behalf of the Forest Carbon Partnership Facility (FCPF), and the Government of Costa Rica have announced an agreement for the purchase of an Emission Reductions Payment Agreement (ERPA) for REDD+ worth as much as US$63 million.
The agreement will support forest conservation, land restoration and the expansion of agro-forestry with the objective of reducing greenhouse gas (GHG) emissions and increasing carbon sequestration. In doing so, the agreement will facilitate the expansion of Costa Rica's payments for ecosystem services (PES) programme to include an additional 340,000 hectares of privately owned and indigenous land. The agreement will also contribute to Costa Rica's commitment to become carbon-neutral by 2021.
In addition to reducing emissions, the agreement will mark Costa Rica as the first country to access large-scale performance-based payments for conservation, and will support the development and dissemination of information on REDD+ in indigenous languages. [FCPF Press Release] [World Bank Press Release][World Agroforestry Centre Press Release]