$3 million dollars will be received by Costa Rica to help further develop local projects that are being done to help Costa Rica reduce carbon emissions. These projects are being done through the Partnership for Market Readiness (PMR), which is a global alliance that was created by the World Bank in an effort to provide funding for projects that are geared towards reducing greenhouse gas emissions.
During the celebration of the 5th PMR assembly in Washington D.C., which had representatives from 28 countries, the announcement of the $3 million funding was made. The Environmental Minister of Costa Rica, Rene Castro, stated that the contribution from the World Bank is a tool that will help stimulate local actions towards carbon neutrality and will be strategic for the country’s “economic competitiveness”.
The Carbon Neutral Country Program was established by the government in Costa Rica to help support the processes related to the reporting of greenhouse gas inventories and to help work towards the countries goals of becoming completely carbon neutral by the year 2021. Under the program, companies that receive a c-neutral declaration can compensate for emissions through “carbon credits”. These credits help fund reforestation, protection of the forest, and promote energy efficiency.