Countries gathered in Warsaw agreed a multi-billion dollar framework to finance forest projects
COP19 closed last week with some key decisions reached. One of them is related to deforestation. Specifically, the conference agreed a multi-billion dollar framework to tackle it. So, negotiators agreed rules on financing forest projects in developing nations, paving the way for investments from governments, funding agencies and private firms.
The agreement on “results-based” funding for Reducing Emissions from Deforestation and Forest Degradation (REDD) was a rare breakthrough at the climate talks in Warsaw, but now it is a reality.
Money will flow into host-country coffers when they can prove they have reduced carbon emissions without harming local communities or biological diversity. Nations also agreed rules on how to measure and verify the emissions cuts from forest projects.
Deforestation has played an increasingly important role in climate negotiations, because the loss of forests accounts for nearly a fifth of global greenhouse gas emissions that scientists blame for global warming.
The Norwegian government has already paid out $1.4 billion in bilateral deals with nations such as Brazil, Democratic Republic of Congo, Guyana and Indonesia. The World Bank, the Global Environment Facility and a growing number of private-sector firms have also launched projects. The governments of Britain, Norway and the United States earlier this week allocated $280 million to a World Bank-led fund operating REDD projects.