Water Week

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Countries and companies will be paid to stop logging forests under World Bank plan; carbon credit market to help companies meet emissions targets by paying developing countries to halt logging

Posted by waterweek on 4 October 2007

Countries and companies will be paid to stop logging forests under a World Bank plan to establish a fund aimed at reshaping the fight against climate change, reported Mark Forbes in Jakarta for The Sydney Morning Herald (25/9/2007, p.10). Forest Carbon Protection Facility: The president of the World Bank, Robert Zoellick, was to announce the Forest Carbon Protection Facility after climate change talks with world leaders, including the Indonesian President, Susilo Bambang Yudhoyono, in New York. The World Bank believed its $400 million fund will expand into a multi-billion-dollar program to preserve forests and reduce global warning. More than 20 per cent of greenhouse gases result from deforestation.

Pilot project details at Bali meeting: Pilot projects for the fund are to be detailed at the pivotal December climate change conference in Bali, which is to outline a successor to the Kyoto Protocol. World Bank sources believe the fund can be a central feature of a new agreement to combat global warming.

How it works: Governments, forestry companies and local communities would be eligible for compensation for agreeing to abandon logging or protect forests. Under the Kyoto Protocol, a carbon credits scheme of financial incentives excludes forest protection. Only replanting is eligible for assistance. The facility would establish a carbon credit market to help companies meet their emissions targets by paying developing countries to halt logging. Large energy firms operating coal-fired power stations – a major source of greenhouse emissions – are understood to have expressed interest in the facility.

Tropical rainforest cartel: In New York, Yudhoyono was also chairing a meeting of nations that hold more than 80 per cent of tropical rainforests. The group of up to 20 countries was expected to declare its commitment to forest preservation and support for the new scheme.

The Sydney Morning Herald, 25/9/2007, p. 10

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