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World Bank offers $300M for forest conservation, emissions reductions
Source: Copyright 2007, Mongabay.com
Date: October 15, 2007
Original URL
Tropical forest countries will be eligible for payments for preventing
deforestation under a program unveiled last week by the World Bank.
Called the Forest Carbon Partnership Facility (FCPF), the fund will initially
provide $300 million to finance emissions reductions through forest conservation
initiatives. The World Bank said the program will "help developing countries
build the technical, regulatory, and sustainable forestry capacity to reduce
emissions from deforestation and degradation."
Deforestation and forest degradation currently accounts for about 20 percent of
greenhouse gas emissions resulting from human activities, according to the U.N.
The World Bank said that 20 countries have already expressed interest in the
fund. Avoided deforestation is expected to be part of a post-2012 global
agreement on greenhouse gas emissions.
Cleaner energy fund for developing countries
The World Bank also announced a new Carbon Partnership Facility (CPF) to promote
the use cleaner technologies in developing countries, especially in the energy
sector.
"Developing countries will earn money and obtain clean technology in exchange
for the greenhouse gas emission reductions they will sell to developed
countries," said World Bank Group President, Robert B. Zoellick. "Both
facilities [FCPF and CPF] will pilot ways to ratchet up the fight against
climate change by adopting a larger-scale, longer-term approach to greenhouse
gas emission reductions. They will also build on the World Bank Group’s
traditional relationship with developing countries, and the new relationships it
has forged over the past decade as a pioneer in carbon finance."
The carbon offset market grew from $10.8 billion in 2005 to 30.1 billion in
2006.
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