Ethiopia generates 70 mln USD in carbon trading revenue

ADDIS ABABA, April 5 (Xinhua) -- Ethiopia has signed carbon trading agreements worth 70 million U.S. dollars with various countries and international institutions, local media reported.

Ethiopia has increased its forest cover to 23.6 percent through its Green Legacy Initiative, which has helped the country sign multiple memoranda of understanding with various bilateral and multilateral partners, including the World Bank, the state-affiliated Fana Broadcasting Corporate reported Friday, quoting Kebede Yimam, director general of Ethiopian Forestry Development.

These agreements have enabled the country to generate 70 million dollars through carbon trading, the report said.

Launched in 2019, the Green Legacy Initiative aims to combat deforestation, restore degraded landscapes and enhance environmental resilience. The Ethiopian Forestry Development agency has recently announced plans to plant 7.5 billion seedlings during the upcoming rainy season, from June to September.

On Tuesday, Ethiopian Prime Minister Abiy Ahmed said the country has successfully surpassed its ambitious goal of planting more than 40 billion seedlings under the initiative.

According to the United Nations Economic Commission for Africa, carbon markets present an opportunity for African countries to leverage their abundant natural resources to unlock economic value and accelerate sustainable industrialization and economic transformation.