Ethiopia Expands Carbon Trading and Sequestration Efforts

Addis Ababa June 28/2024 (ENA) Ethiopia is expanding its efforts in carbon trading and sequestration through sustainable forestry practices, according to Yetebtu Moges, the Red+ Program Coordinator for the Ethiopian Forestry Development.

"We are leveraging our vast forest resources to play a growing role in the global carbon trading and sequestration markets," Yetebtu said.

Through innovative forestry management programs, the country is positioning itself as a key player in the fight against climate change. "While still in the early stages, Ethiopia's initiatives show promising results and the potential to generate significant economic benefits," Yetebtu explained. 

The country boasts 19.2 million hectares of forested area, of which 18 million hectares are natural forests - a valuable resource for carbon sequestration. 

Yetebtu highlighted the government's Green Legacy Initiative, which has seen the planting of billions of tree seedlings across the country in the past 5 years. "These trees when they mature enough will soon begin sequestering billions of tons of CO2 from the atmosphere," he said.

Ethiopia has also launched over 1 million hectares of participatory forest management, empowering local communities. "We have launched over 1 million hectares of participatory forest management, empowering local communities to be active stewards of their natural resources," Yetebtu explained. This approach aims to promote sustainable forestry practices and ensure economic benefits are shared with communities.

Additionally, Ethiopia has established a national forest monitoring system and facilitated a 12 million Euro carbon trade in Bale, Oromia region, with the proceeds distributed among 65 cooperatives engaged in forest development. 

Yetebtu acknowledged the forestry's current annual revenue of 40 billion Birr, but believes there is significant potential for growth through carbon trading and sequestration, potentially increasing tenfold.

A recent 40 million USD agreement with the World Bank aims to reduce carbon emissions in Oromia's forested landscapes, with 75 percent of the proceeds going directly to local communities, according to Yetebtu.

While Ethiopia's forestry-based carbon initiatives are still in the early stages, the country's efforts demonstrate a commitment to sustainable practices and a desire to capitalize on the economic opportunities presented by the global shift towards carbon neutrality.

Africa as a continent has historically contributed very little to global greenhouse gas emissions, yet it is one of the region most vulnerable to the impacts of climate change. 

According to data from the World Resources Institute, Africa accounted for only around 3.8 percent of global CO2 emissions in 2019, compared to over 60 percent from the so called developed countries.  

This disproportionate impact highlights the injustice faced by African nations, who are paying the price for the carbon-intensive development pathways pursued by more industrialized parts of the world.

In the face of this challenge, Ethiopia has emerged as a regional leader in efforts to combat climate change through sustainable forestry practices. 

The country's landmark Green Legacy Initiative, launched in 2019, has set an ambitious goal to plant 50 billion tree seedlings by 2026. In just the past 5 years, this program has already succeeded in planting over 32.5 billion tree seedlings across the country. 

These trees are now beginning to mature and will soon start sequestering billions of tons of CO2 from the atmosphere, making a significant contribution to global climate change mitigation efforts.

The country's holistic approach, which emphasizes community-based participation and equitable benefit-sharing, offers valuable lessons for other African nations seeking to harness the power of their natural assets to address the climate crisis.