LatinNews Daily - 25 March 2022

In brief: Costa Rica receives decarbonisation funds

*The Global Environment Facility (GEF), the largest multilateral trust fund focused on enabling developing countries to invest in nature, has announced a US$10.3m investment over five years in a project “Transitioning to an urban green economy and delivering global environmental benefits”, led by Costa Rica’s environment & energy ministry and implemented by the United Nations Development Programme in partnership with the Organization for Tropical Studies, a US-headquartered non-profit consortium of over 50 universities and research institutions based in the US, Latin America and South Africa. According to a GEF press release, the project’s objective is to support decarbonisation in Costa Rica’s Greater Metropolitan Area – which comprises the provinces of San José, Alajuela, Cartago, and Heredia – through sustainable integrated urban planning. Its work will include efforts to reform obsolete laws, build urban mobility infrastructure, and restore over 2,000 hectares of forest and green spaces in the urban centre achieving the reforestation of 1,000 trees per hectare. This will allow the direct capture of 24,000 tonnes of carbon dioxide equivalent in this period.

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