Nepal Signs $55 Million LEAF Coalition Agreement for Climate Finance and Carbon Credits
Nepal has signed a $55 million agreement with the LEAF Coalition, becoming the first Asian country to partner with the initiative aimed at supporting its REDD+ program and forest conservation efforts. The agreement, backed by multiple governments and companies, allows for 25% of carbon credits to be adjusted for private sector compliance, with an initial guarantee of one million emissions reductions credits. This partnership highlights Nepal's commitment to enhancing its forest cover, which currently exceeds 46% of its land area.
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Nepal's government signed an agreement with the LEAF Coalition to receive up to $55 million in climate finance, marking Nepal as the first Asian country to partner with LEAF. This initiative, backed by over 30 companies and the governments of Norway, the UK, the US, and South Korea, aims to support Nepal's REDD+ program and enhance forest conservation efforts.
The agreement allows for up to 25% of carbon credits to be adjusted for private sector compliance schemes, with an initial guarantee of one million emissions reductions credits from the UK and Norway. Nepal's forest cover has increased to over 46% of its land area due to community-based management, and the government plans to offer significant emissions reduction credits from 2022 to 2026. The total potential value of LEAF agreements has surpassed $325 million, with Nepal joining other countries in these efforts.
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