Nepal has acquired $9.4 million (around Rs 1.19 billion) from the World Bank’s Forest Carbon Partnership Facility (FCPF) aimed at diminishing approximately 1.88 million tons of carbon dioxide as part of its REDD+ Emission Reductions Program in the Terai Arc Landscape.
This signifies the initial payment under the FCPF’s Emission Reductions Payment Agreement (ERPA), a crucial achievement in Nepal’s journey to mitigate emissions stemming from deforestation and forest degradation, whilst fostering inclusive and sustainable forest stewardship, as stated in a World Bank announcement.
The FCPF initiative in Nepal is recognized for its robust community-centered method to sustainable forestry. Implemented throughout the Terai Arc Landscape, a biodiversity-rich area with a dense human population, the initiative gathers local communities, Indigenous Peoples, and civil society groups to safeguard and rehabilitate forests while boosting rural livelihoods.
“This landmark payment is a reflection of Nepal’s accomplishment in curbing deforestation, enhancing forest governance, promoting biodiversity preservation, and increasing sustainable livelihood prospects for local communities,” remarked David Sislen, World Bank Division Director for Maldives, Nepal, and Sri Lanka.
The funds will be allocated according to Nepal’s Benefit Sharing Plan, which was crafted through active involvement of local communities and vital stakeholders. This plan guarantees that forest-dependent communities and Indigenous Peoples directly gain from the results of their initiatives.
Investments from the payment will bolster ongoing forest restoration, community enterprises, and climate-resilient livelihoods, further solidifying Nepal’s standing as a worldwide leader in community forestry and participatory resource management, as noted by the World Bank.
“This outcomes-based payment embodies the endeavors and commitment of our forest-dependent communities, Indigenous Peoples, and the government in preserving and managing our forests. Nepal remains dedicated to promoting climate action through inclusive and community-driven forest governance,” stated Dr. Rajendra Prasad Mishra, Secretary of the Ministry of Forests and Environment.
