The Dominican Republic is set to witness a transformative moment in its carbon reduction efforts as it awaits a significant investment of $6 million from the World Bank in 2024. This momentous development is crucial for the nation's commitment to reducing carbon emissions, marking a pivotal step forward in nature conservation endeavours.
Aerial view of El Limon waterfall in jungles of Samana peninsula in the Dominican Republic.
A key milestone in this journey occurred in May 2021 when the Dominican Republic's Ministries of Finance and Environment and Natural Resources inked a historic agreement with the World Bank's Forest Carbon Partnership Facility (FCPF). Under this agreement, the country is poised to receive payments of up to $25 million for verified reductions in carbon emissions resulting from forest carbon until 2025 as part of the Dominican Republic's emissions reduction programme.
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The significance of this endeavour lies in its potential to transition from practices detrimental to water resources to those that preserve this invaluable asset. Of the $6 million payment, a substantial 30% will be allocated to safeguard protected areas, while the remaining portion will benefit agricultural associations that have shifted from intensive production methods.
Furthermore, this initiative forms part of a global drive to establish a carbon credits market, emphasising the need for balance in emissions reduction. Countries will have diverse schedules for environmental recovery, and tropical regions such as the Dominican Republic are acknowledged for their effectiveness in curbing carbon emissions and promoting a more environmentally positive world.
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In addition to carbon quantification, this initiative acknowledges the broader ecosystem services provided by the nation's forests, reinforcing its integral role in addressing environmental challenges.
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