Economy & Business - November 2021


GUATEMALA | Signing an FCPF. On 12 October Guatemala signed an agreement with the World Bank’s Forest Carbon Partnership Facility (FCPF) that will unlock up to US$52.5m for reducing emissions from deforestation and forest degradation and increasing carbon sequestration – commonly known as REDD+. This Emission Reductions Payment Agreement (ERPA) will reward efforts to reduce 10.5m tonnes (t) of carbon emissions through 2025 under Guatemala’s emissions reduction programme. According to the WB, about 35% of Guatemala’s total surface area is covered in forests, down from 50% in 1950, with forests cleared primarily for agricultural use, livestock production, and urban settlements. According to the WB, the land use, land use change, and forestry sector accounts for 27% of Guatemala's total annual emissions. Covering over 31% of the national territory and 92% of forest lands, Guatemala’s emissions reduction programme aims to tackle the main drivers of deforestation and forest degradation, seeking to strengthen the management of national protected areas and reinforce forest policy instruments, expand existing incentives to increase carbon stocks, and promote sustainable forest management. Guatemala is the fourth country in Latin America (after Chile, Costa Rica, and the Dominican Republic) to sign an ERPA with the FCPF. 

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