That’s what the gabonese minister of Environnement explained to Forbes, a wordly renowned magazine, in a long article published a few days ago. Here’s an extract.
« “Jeff (Bezos) is very keen on Gabon,” says Gabon’s Minister of Water, Forests, Sea, and Environment Lee White, in an interview with this writer. “He was extremely engaged. We have an ally for Gabon and for the rainforests and biodiversity. The experience moved him.”
Gabon’s forests are part of the Congo Basin. Specifically, Gabon absorbed 1 billion tons of CO2 between 2010 and 2018. Under REDD+ — a financial mechanism to reward countries for saving their trees — Gabon is allowed to sell credits worth 90 million tons. The Paris agreement adopted that financial mechanism in 2015. Governments account for their forest lands and set targets to stop deforestation. The United Nations Framework Convention on Climate Change evaluates that progress before approving their performance and emissions reductions. If Gabon sold its credits for $25 a ton, it would net $2.25 billion.
Gabon is an 88% tropical rainforest nation. It cuts down very few trees. But the country also host an oil industry that makes up 60% of its economy. While those revenues have provided some cushion, they are a dwindling asset — a function of climate change and the demand for fossil fuels. Carbon credits are not a silver bullet. They are part of a broader mosaic that can spawn new opportunities. »
Click here to read the full article on Forbes’ website.
