world news - 22.10.2007
World Bank unveils new forest carbon funding scheme
The
has unveiled a new carbon finance initiative designed to help the
world's poorest countries reduce deforestation and fight climate change. The
bank has already had 20 requests from countries in Latin America, the
Congo Basin and East Asia to take part in the new Forest Carbon
Partnership Facility (FCPF), which has a total target fund of US$300m. The
facility is intended to prevent deforestation by compensating
developing countries for carbon dioxide reductions realised by
maintaining their forests. It will
support programmes targeting the causes of deforestation and develop
activities to reach out to poor people who depend on forests to improve
their livelihoods, as well as helping countries develop technical,
regulatory and sustainable forestry capacity to reduce emissions from
deforestation. The FCPF is divided in two parts — the Readiness
Fund (US$10-100m) which will provide grants to support techical
assistance to 20 developing nations, and the Carbon Fund (US$20-200m),
which will focus on emission reductions in about five participating
countries. The FCPF has ben approved by the World's Bank board of
executive directors and is expected to be officially launched by the
bank's group president Robert Zoellick in December during the 13th
session of the Conference of the Parties to the UN Framework Convention
on Climate Change in Indonesia. Emissions from deforestation and degradation are estimated to account for about 18-25% of all global greenhouse gas emissions.
See also:
- — Trade in recreational values promotes multiple use of forests.
- — Engineered Wood Construction Guide Now Available
- — No disaster fund for Swedish forest owners
- — Fire risk closes entire Los Padres forest
- — Russia to propose solution in EU lumber trade row
