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APA -Addis Ababa(Ethiopia)
04 April 2025 | 23:26
FILE – In this Thursday, Jan. 24, 2019 file photo, Ethiopian Prime Minister Abiy Ahmed at the European Council headquarters in Brussels. The 2019 Nobel Peace Prize was given to Ethiopian Prime Minister Abiy Ahmed on Friday Oct. 11, 2019. (AP Photo/Francisco Seco, file)
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Ethiopia has signed carbon trading agreements, totaling $70 million with various countries and international institutions.
The agreements came after Ethiopia’s forest cover has increased to 23.6 percent, positioning the east African country to better capitalize on carbon trading arrangements, said Kebede Yimam, director general of the Ethiopian Forestry Development.
He said Ethiopia’s recent notable achievements as part of its proactive green development strategy has helped the country to sign multiple memorandum of understandings (MOUs) with various bilateral and multilateral partners, including the World Bank, enabling the country to generate $70 million through carbon trading.
Launched in 2019, Ethiopia’s Green Legacy Initiative aims to combat deforestation, restore degraded landscapes, and enhance environmental resilience. The Ethiopian Forestry Development has recently revealed plans to plant 7.5 billion seedlings during the upcoming rainy season from June to September.
Ethiopia’s Prime Minister Abiy Ahmed disclosed that his country has successfully surpassed its ambitious goal of planting more than 40 billion seedlings under the initiative.
The prime minister said the “significant milestone” underscores Ethiopia’s commitment to environmental sustainability and the well-being of future generations.
According to the United Nations Economic Commission for Africa (UNECA), carbon markets present a great opportunity for African countries to utilise their abundant natural resources to unlock economic value and accelerate sustainable industrialisation and economic transformation.
MG/as/APA