In the fight against climate change, forests are vital carbon sinks, absorbing twice as much carbon as they produce each year globally.
in order to protect the island nation’s marine resources. The system of carbon credits allows companies to fund the preservation and sustainable development of rainforests and offset their emissions at the same time.
While the project has faced challenges, at COP15 of the UN Convention to Combat Desertification in May 2022, Nigeria’s President Muhammadu Buhari announced that more than 6m ha of land had been forested, a major step toward the country’s pledge to forest 25% of its area in line with global best practices.
In October 2022 the country announced its plan to sell sub-Saharan Africa’s largest green bond to date − worth between $100m and $200m – to fund the construction of hydropower plants.Increasing engagement from local communities and entrepreneurs has had notable success in combatting forest degradation.
The Central African country, home to some 314m ha of primary tropical forest, has experimented with initiatives in which local communities are tasked with stewardship and leading the sustainable development of tracts of rainforest. A 2019 survey of community concessions found that deforestation in those areas was 23% lower than the national average and 46% lower than in logging concessions.
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