The Economic Community of Central African States (ECCAS) has established a fund to promote green economies among partner states.
The Fund for the Green Economy in Central Africa (FEVAC) is a decisive step toward the creation of a green economy, with a focus on the timber industry. The Democratic Republic of Congo (DRC) announced a $3 million contribution to kickstart the fund.
“Central Africa has placed the environment within the core economic structure. We are finally reaching the final stages and practical implementation of a process that began in Rio in 1992 in order to establish a new balance of sustainable development based on a green economy,” said Dr. Honoré Tabuna, Biodiversity Valuation and Environmental Economics expert.
This establishment of the fund marks a first giant step toward the effective initiation of a global restructuring of the Central African economy based on the natural resource economy and the timber industry in particular.
The timber and forestry-related issues lie at the heart of the implementation of the green economy System among the member states.
The industry, which has long represented a gateway to international markets, is currently benefiting from major advances provided by market regulation programs that seek to open new, more reliable and better-regulated markets.
Studies show that the timber industry could weigh three to eight per cent in the largest economies in the region and would generate a large number of jobs, which is a major concern for several countries.
One of the major objectives for Central African countries is primarily to change an economic model that broadly relies on subsoil natural resources like minerals, oil, and gas.
These resources provide the region with significantly positive growth, at nearly six per cent, but this growth does not benefit the entire population. Indeed, some regions are afflicted by a poverty rate of up to 70 per cent.
Economic Community of Central African States (ECCAS)