Ethiopia's utmost efforts to the development of the forestry industry is projected to yield approximately 100 million USD in revenue from carbon trade by 2030, Ethiopian Forest Development (EFD) disclosed.
EFD National Red Plus Program Coordinator Yitebtu Moges told The Ethiopian Herald that Ethiopia is selling carbon credits to the World Bank having a plan to generate the one hundred million USD within seven years.
Yitebtu stated that carbon trading is a long-term endeavor influenced by market conditions and currently, the payment received is determined by the quantity and size of the forest, measured in tons of carbon content.And he also mentioned the collaborative efforts with foreign assistance and the recent agreement with the World Bank, which will contribute 40 million euros for forest maintenance in the Oromia region.
He remarked on the significance of expanding the national-level Green Legacy Program adding that the government should allocate additional resources to support the sector considering the substantial economic potential it holds.
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