Santo Domingo, May 12, 2021 -The Dominican Republic''s Ministry ofFinance and Ministry ofEnvironment and Natural Resourcessigned a landmark agreement today with the WorldBank''sForest Carbon Partnership Facility(FCPF), unlockingpayments ofup to US$25millionforverifiedcarbon emissionreductionsbetween now and2025through the country''s emissions reduction program.
"This agreement is a country achievement, a reason for celebration and progress in the fight against the challenges of climate change and is the result of four years of preparation of the Program for the Reduction of Emissions from Deforestation and Forest Degradation (REDD+), which will be implemented by the Ministry of Environment and Natural Resources, with the direct involvement of the Ministry of Agriculture and the Ministry of Economy, Planning and Development (MEPyD), " said Milagros De Camps, Vice Minister of International Cooperation of the Ministry of Environment and Natural Resources.
TheDominican Republic''s Emission Reductions Programis a nationalinitiativefocused onloweringforest emissionsfrom deforestation and forest degradationacrossthecountry''s4.8million hectaresof biodiversity and forest-rich land,to improve local livelihoodsand protectnatural ecosystems.With this Emission Reductions Payment Agreement (ERPA) in place,the Dominican Republicis expected to reduce5million tons offorest-related carbon emissions.
"The Dominican Republic hasa long and rich history of protecting its natural resources, having dedicated significant efforts to the conservation and development of its forests,"saidAlexandria Valerio, World BankRepresentativefor the Dominican Republic. "This agreementis further proof of the country''scontinuedcommitment to sustainableforest management and economicdevelopment."
Thecountry''s Emission Reductionsprogramwill work with the government and civil society tostrengthensustainable agroforestryinitiativesthataimtocurb agricultural expansion into forest areas.The program also aims to promote broader andmoresustainable natural resource management that can contribute to the growth of small and medium-sizedforest enterprises, and the conservation of forests.
The Dominican Republic is thethirdcountry in Latin Americaand the Caribbean(after Chile and Costa Rica)and 14th globally to reach such a milestone agreement with the FCPF, which together have unlocked nearly $670m in results-based financing. ERPAs are innovative instruments that incentivize sustainableland management at scale and help to connect countries with other sources of climate financing. The resources from the FCPF provide new opportunities to conserve and regenerate forest landscapes and biodiversity while supporting sustainable economic growth, which is critical forthe Dominican Republic''s development going forward.
The Forest Carbon Partnership Facility (FCPF) is a global partnership of governments, businesses, civil society, and Indigenous Peoples'' organizations focused on reducing emissions from deforestation and forest degradation, forest carbon stock conservation, the sustainable management of forests, and the enhancement of forest carbon stocks in developing countries, activities commonly referred to as REDD+. Launched in 2008, the FCPF has worked with 47 developing countries across Africa, Asia, and Latin America and the Caribbean, along with 17 donors that have made contributions and commitments totaling US$1.3 billion.
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