Western nations commit $3.5bn to combat deforestation

18 December 2009

The UK, US, Australia, France, Japan and Norway have collectively agreed to dedicate $3.5bn in initial fast-start public financing towards slowing, halting and eventually reversing deforestation in developing countries, in the context of a comprehensive outcome in Copenhagen.

Representatives from the countries said, ‘As part of an ambitious and comprehensive deal, we recognise the significant role of international public finance in supporting developing countries’ efforts to slow, halt and eventually reverse deforestation. With this in mind, we collectively dedicate $3.5bn of fast-start climate change financing for reducing emissions from deforestation and forest degradation in developing countries (REDD) over the 2010 to 2012 period.’

Representatives from the aforementioned countries said they regard the $3.5bn as an initial investment in developing countries that put forward ambitious REDD plans and achieve forest emission reductions and have committed to scale up finance thereafter in line with opportunities and results.

UK Prime Minister Gordon Brown said ‘An agreement to slow, halt and eventually reverse deforestation has to be central to the outcome here in Copenhagen. Around $25bn over the period of 2010-15 is needed to cut deforestation rates in developing countries by 25 per cent by 2015. Developed countries should provide the majority of this, supporting rainforest countries’ own efforts.

‘This collective fast start effort is a very significant building block towards that. The UK’s contribution to this initial effort is $480m, part of the overall UK fast start package,’ he added.

Heads of the African Republic of Gabon, Columbia and Costa Rica praised the commitment to reducing deforestation as part of a climate deal.

‘The announcement is a major breakthrough, bringing us towards the estimated costs of fast-tracking REDD start-up through the first three years of an interim start-up phase,’ said President Omar Bongo, Republic of Gabon.

Columbian Environment Minister, Carlos Costa, said, ‘We welcome initiatives such as this one that provides prompt start finance that will allow developing countries, and their communities, to start work on the ground.’

Copyright © 2009 NewNet

Tags: policy

This story was published on Friday, December 18th, 2009 at 5:51 pm and is filed under Asia, Australasia, Europe, North America, energy efficiency, policy. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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