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Back You are here: Home Politics World Bank approves $50 million forest investment for Ghana

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World Bank approves $50 million forest investment for Ghana

The World Bank has approved a $50 million climate fund for Ghana to help the country reduce its greenhouse gas emissions.

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The Forest Investment Programme will give way to the implementation of projects aimed at reducing pressure on the natural forest through integrated landscape approach, according to a statement issued by the Ministry of Lands and Natural Resources.

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Similarly, it will support the government’s efforts to effectively engage local communities to cut emissions from deforestation and forest degradation, improve carbon stocks, as well as encourage the active involvement of the private sector in reducing carbon footprint.

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Climate Action, an international communication platform, identified some of the factors that largely contribute to Ghana’s immense emissions, which include imbalances in domestic timber demand and supply, rapid extension of cocoa farms, especially the shift from shaded to open cocoa farming, and poor inter-sectoral coordination to tackle cross-sectoral issues.

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Ghana’s climate fund was endorsed at the recently concluded Climate Investment Funds 2012 Partnership Forum held in Istanbul, Turkey, where the same finance schemes were approved for two other developing countries Indonesia and Burkina Faso.

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The Forest Investment Programme is a targeted program of the Strategic Climate Fund, one of two distinct funds by the Climate Investment Funds, which are financing instruments by multilateral banks designed to assist developing countries in low-carbon transition and climate-resilient development.

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The F.I.P. primarily aims to support these countries in reducing deforestation and forest degradation and uphold sustainable forest management that leads to emissions reductions and enhancement of forest carbon stocks. It is jointly implemented by African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank and World Bank. – EcoSeed Staff

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