The Economic Value of Virunga National Park - World Wildlife Fund

(REDD) scheme and the Kyoto Protocol’s Clean Development Mechanism.Under the REDD+ mechanism, Virunga can be compensated for the decreasein the rate of deforestation. However the level of deforestation has not beenimproving, therefore the current carbon sequestration value generated byVirunga is equal to zero.Potential valueA s s u m pt i on s: C arb on c a pt u r e d25 0 t C O 2/haValue of carbon US$10/tCO2 85Share of Virunga saved from deforestation 0.25%Potential hectares for reforestation programmes 40,000Potential future value from carbon sequestration is US$55 million annuallysplit between US$5 million from reduction in the level of deforestation aspart of the REDD+ scheme and US$50 million from clean developmentmechanism projects.An economic valuation of the DRC’s natural capital and ecosystem serviceswould make a strong case for integrating forest conservation into nationaldecision-making. If properly maintained, the forest offers an opportunityto sell carbon credits and to supplement the funds needed to carry outreforestation activities within the park and its surroundings. The same is validfor the other parks and reserves of the country. A 0.25 per cent decline in thelevel of deforestation would allow storage of almost 500,000 additional tonnesof CO2. At a price of US$10/t CO2, the potential value of the forest from carboncredits is approximately US$5 million annually. 86In 2011, Africa boasted elevated status as the third-largest supply location forclean development mechanism projects. At stable carbon prices, Virunga andits proximity have the potential to generate up to US$50 million by promotingprojects and initiatives, similar to the ECOmakala reforestation programme,which is replanting 20,000 hectares. Creating plantations to provide analternative to the park’s natural forests will, in effect, make it possible toreduce deforestation and degradation of Virunga’s forests, a good complementto REDD+ initiatives. 87 Further details are provided in the annex.Virunga has an important function in climate change mitigation. Similarto other Congo Basin forests, Virunga plays a role in generating rainfall.Deforestation in the park would lead to changes to rain patterns in theregion. Given its role as rainmaker and mitigator of climate change, thecase for forest conservation and for good forest management of Virungais strong. 8844 The Economic Value of Virunga National Park