A few weeks ago, the Council of Ministers introduced the first set of laws aimed at regulating the uncharted and untried frontier of carbon trading in Ethiopia. The ‘Forest Development, Protection and Utilization’ regulation allows private investors, as well as local communities, to engage in developing and safeguarding forests, and benefit from carbon sale revenues. Kebede Yimam, director-general of the Ethiopian Forest Development (EFD), has high hopes for the initiative. The Bale forest in eastern Ethiopia is another example of a major protected forest area generating forex from carbon sales. At COP27, African countries launched the Africa Carbon Markets Initiative to produce 300 million carbon credits annually.

Source: Ethiopian News June 22, 2024 13:38 UTC