Ethiopia can earn 500 million USD every year from carbon trading through the Green Legacy Initiative, National REDD+ Coordinator Yitebitu said.
In an exclusive interview with ENA, Ethiopia REDD+ Coordinator Yitebitu Moges explained that carbon trading is a market-based system in which developed countries pay developing countries that develop forestry to absorb carbon and engage in development practices that reduce specific amounts of carbon.
In Ethiopia, 25 billion tree seedlings have been planted or 10 million hectares covered with seedlings over the past five years and 10 million of hectare, sequestering 5 tons of carbon dioxide every year, he said.
“If you are able to find market that buys a ton of carbon dioxide with 10 USD, that means we have 500 million USD flowing to Ethiopia every year from the ten million hectares of forest that has been growing.”
Sequestering carbon by planting trees means growing money, the coordinator noted, adding that it should therefore be promoted like other sectors.
According to him, there is high level support from the government in terms of planting trees and protecting forests, but the investment on experts in resources mobilization and carbon trading is limited.
Establishing a system for carbon accounting, measurement, monitoring, reporting and verification system is necessary, Yitebitu noted, adding that experts that are able to write monitoring report and invite people from abroad to validate and verify our numbers for carbon sequestration or emission reduction are also crucial.
In addition to carbon trading, he elaborated on the importance of tree seedlings in preventing soil erosion entering the Abay basin.
With afforestation in the basin, soil erosion can be prevented and clean water will flow into the Grand Ethiopian Renaissance Dam supplying energy sustainably, he pointed out.
What happens in Ethiopia right now is the rain falls on deforested landscape and goes into the ocean as flood. During the dry season, there is shortage of water because the abundant water during the rainy season has not been caught.
“The best instrument is forestry to really regulate this discrepancy so that you will have a smooth flow of water during the rainy as well as the dry seasons.”
The demand of timber is also very huge in Ethiopia and the country is paying 400 million USD every year to import finished furniture products, the coordinator noted.
Timber planting is therefore needed in order to fulfill the demand for construction, industry and furniture.
In this regard, the coordinator emphasized that the Green Legacy Initiative is an exemplary work; and many countries know about it and their ambassadors participate in the tree planting in Ethiopia.
The REDD+ Coordinator disclosed that Saudi Arabia and Kenya are replicating this strategy.
The National REDD+ Strategy (NRS) contributes a large part to the Climate Resilient Green Economy (CRGE) strategy and Ethiopia’s greening targets in 2030, while maximizing national co-benefits thereby adding to the global climate change mitigation efforts through improving forest resource and land management.
Source: Ethiopian News Agency