Costa Rica’s Forest Conservation Pays Off

STORY HIGHLIGHTS

Costa Rica has become the first country in Latin America and the Caribbean to receive payments from the World Bank’s Forest Carbon Partnership Facility for reducing carbon emissions from deforestation and forest degradation—commonly known as REDD+.
This first payment – of $16.4 million for independently verified emission reductions — is a milestone for Costa Rica.
Results-based climate finance such as payments for emission reductions increasingly is being used to incentivize climate action and help countries achieve their Nationally Determined Contributions to the Paris Agreement.

Low- and middle-income countries can transition to low-carbon, resilient growth pathways if key conditions are met with international support

Financing focuses on helping countries reduce GHG emissions and adapt to mounting impacts of climate change

WASHINGTON, September 7, 2022 – The World Bank Group delivered a record $31.7 billion in fiscal year 2022 (FY22) to help countries address climate change. This is a 19% increase from the $26.6 billion all-time high in financing reached in the previous fiscal year. The Bank Group continues to be the largest multilateral financier of climate action in developing countries.