Over the past five years, the Oromia Coffee Producers’ Union has generated over 1.1 million euros through carbon sales.
The union sold 97,000 tons of carbon to a Dutch company, Fair Climate Fund, with whom they have partnered to enhance carbon trading and receive financial and technical support. The success in carbon trading is attributed to the favorable conditions created by the National Green Legacy program, encouraging the union to aim for doubling its current revenue.
The union focuses on agroforestry to promote both carbon and coffee production in Oromia state, with a broader objective of ensuring benefits for farmers. Additionally, initiatives like the Oromia Cook Store Distribution project have been established to discourage deforestation by providing alternative energy technologies to 7,000 farmers in the past five years.
According to the Ethiopian Forest Development (EFD), Ethiopia expectes to gain approximately USD 100 million in revenue from carbon trade by 2030. Ethiopia is currently selling carbon credits to the World Bank with a seven-year plan to achieve this financial target. Over the past decade, the country has already generated USD 150 million in revenue, acknowledging the support from the World Bank and Norway. Collaborative efforts with foreign assistance, including a recent agreement with the World Bank contributing 40 million euros for forest maintenance in the Oromia region, are underway.
Source: The Ethiopian Herald