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World Bank to support Nepal in decreasing carbon emissions

Nepal’s Forests and Environment Secretary Bishwa Nath Oli and the World Bank Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos signed the Emission Reductions Payment Agreement, in Kathmandu, on Wednesday, February 24, 2021. Photo: https://twitter.com/WorldBankNepal

Kathmandu, February 26

The Nepal government signed an agreement with the World Bank’s Forest Carbon Partnership Facility (FCPF), that will enable the country to receive up to USD 45 million to decrease carbon emissions from deforestation and forest degradation through 2025.

With the Emission Reductions Payment Agreement (ERPA) agreement, Nepal is expected to reduce 9 million tons of carbon dioxide emissions in the Terai arc landscape, according to a World Bank press released.

Nepal’s Forests and Environment Secretary Bishwa Nath Oli and the World Bank Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos signed the agreement on Wednesday.

“This initiative will also focus on improving community-based forest management, transferring user rights for national forests to local communities, improving integrated land use planning, promoting alternative sources of energy and strengthening capacity for protected area management,” according to the press release.

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