This Libreville Work Plan, announced at the One Forest Summit in March 2023, aims to accelerate the structuring of a very high environmental and social quality carbon credit market, at the scale of projects or national policies and initiatives.
It provides a framework for future discussions in four key areas:
- Quality and integrity
- Use of credits and offsetting
- Extension of the market
On December 1, 2023, at COP28 in Dubai, the World Bank announced an ambitious plan to ensure the growth of high-integrity carbon credit markets with the help of 15 countries benefiting from the sale of carbon credits generated by the preservation of their forests. By the end of 2024, these countries could produce more than 24 million credits, rising to 126 million by 2028. These credits could generate nearly $2.5 billion, the vast majority of which would be paid back to the countries and communities involved in the process.
The World Bank's project stands out for the very high environmental and social quality of its carbon credits, ensuring that they always benefit the environment as well as populations, particularly indigenous peoples and local communities.