CONGO – France, the European Union (EU), the Bezos Earth Fund, and a Country Package seed fund have united their efforts, pooling a total of US$50 million to safeguard biodiversity in Congo.
This commitment comes in the wake of the Congolese national vision for ecosystem preservation unveiled in Dubai.
Acknowledging the Republic of Congo’s strides in sustainably managing forest ecosystems, particularly through low-impact logging in concessions, allocation of 20% of forest areas, and the establishment of three new marine protected zones, the French Ministry of Europe and Foreign Affairs commends these initiatives.
Notably, these efforts have elevated the protected marine areas from 1% to 12% of the country’s territory. The extensive forest cover, which encompasses two-thirds of the nation’s 5.8 million inhabitants, holds low deforestation rates and serves as a critical asset for sequestering CO2 in the Congo Basin, emphasized the international partners.
The pledged $50 million will be allocated across four key areas. Firstly, bolstering the scientific research capacity of local experts such as botanists, zoologists, and geologists will be a priority.
Secondly, financing will support expanding the network of protected and conserved areas, aiming for 30% protection of land and sea by 2030 while fostering community development.
Further interventions will back the implementation of the National Afforestation and Reforestation Program, targeting the plantation of one million trees nationwide, concurrently promoting sustainable artisanal practices to empower communities.
Moreover, this financial instrument announced at COP28 will involve collaborative efforts with entities like the Wildlife Conservation Society (WCS) based in the United States, the World Wildlife Fund (WWF) represented in Brazzaville by Patrick Boundja, and the French environmental association Noé.
These partners, pooling their technical expertise, will contribute to the success of this comprehensive conservation initiative in Congo.
Rawbank commits US$20M for biodiversity and clean energy transition in DRC
In another development, the commercial bank Rawbank in the DRC made a significant announcement, committing to allocate US$20 million toward funding the energy transition and forest protection initiatives.
The earmarked funds aim to bolster renewable energy and biodiversity projects, with a specific target of reducing CO2 emissions by 75 million tonnes over the next decade, as articulated by Mazhar Rawji, the bank’s leader.
In adherence to its environmental commitment, the initiative seeks to expedite electrification across 1 million households in both urban and rural regions, harnessing renewable sources like solar power.
Highlighting the World Bank’s 2020 report, which indicates that the DRC has less than 20% electricity accessibility, the initial beneficiaries will be the communities in the northern city of Gemena and the Kasai province, where ongoing conflicts impede access to essential services.
Rawbank’s funding is set to catalyze the establishment of a combined green energy capacity of 1,000 MW in these areas, encompassing an 800 MW hydroelectric power station and 200 MW of solar panels.
Moreover, the banking institution aims to reinforce investments in sustainable forest management.
Recognizing the DRC as home to the world’s second-largest green lung, estimated to absorb 1.5 billion tonnes of CO2, nearly half of Europe’s total emissions, Rawbank’s allocation will intensify conservation activities to safeguard the diverse animal and plant species residing in this critical ecosystem.
This isn’t the first instance of Rawbank’s commitment to ecological transition in this Central African nation with a population of 95 million.
In 2022, the bank announced plans to finance the deployment of 200 EcoBike electric bicycles from the startup Mopepe Solutions in Kinshasa, Goma, Lubumbashi, and Kolwezi, aligning with Car Free Day.
The initiative is geared toward curbing the use of combustion-powered vehicles, a major source of pollution in these bustling cities.
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