World Bank grants $3 million to reduce carbon emisions in Costa Rica

Costa Rica will receive $3 million to develop local projects to reduce carbon emissions through the Partnership for Market Readiness (PMR), a global alliance created by the World Bank to provide funding for projects to reduce greenhouse gas emissions.

The announcement was made during the celebration of the Fifth PMR Assembly, held in Washington, D.C., March 11-13. Representatives from 28 countries attended.

Environment Minister René Castro said the [World Bank] contribution is a tool to stimulate local actions to achieve carbon neutrality, but it is also strategic for the country’s economic competitiveness.

Costa Rica’s government established the Carbon Neutral Country Program to support processes related to the reporting of greenhouse gas inventories and the implementation of the National Policy for Declaration of C-Neutrality.

Under this program, companies receiving a C-neutral declaration can compensate for emissions through the purchase of carbon credits, which provide funds for reforestation, forest protection and energy efficiency.