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Costa Rica wins World Bank Carbon Fund go-ahead

Friday, December 7, 2012

Costa Rica is the first country in the world to receive an approval from the World Bank for a Carbon Fund, which will allow the country to have access to $63 million for the Payment Program for Environmental Services.

The money will come from the sale of 12 million tons of carbon capture by the country’s forests, a process known as carbon offset.

Costa Rica has invested at least $300 million and submitted close to 900,000 hectares to the PSA program, which represents 17 percent of the national territory.

Source: Inside Costa Rica