1 October 2013
A press release issued by The World Bank on September 10, 2013 states that the Central American country of Costa Rica "forges ahead to protect 340,000 hectares, benefit rural communities, and meet its 2021 carbon neutrality goal."
The LOI signed on September 10, 2013 paves the way to access large-scale performance-based payments for conserving its forests, regenerating degraded lands, and scaling up agro-forestry systems for sustainable landscapes and livelihoods.
The Press Release states that the "LOI commits the FCPF Carbon Fund to negotiate the purchase of carbon emission reductions (commonly known as carbon credits) up to a value of US$63 million. The country's proposal to the FCPF Carbon Fund would help meet pending demand for additional landowners to participate in the Payments for Environmental Services (PES) program that will protect and regenerate forests on about 340,000 hectares of privately owned land and also in Indigenous People's territories."
Read more from Market Watch here.