Forestry carbon cash boost could 'help drive forest REDD+ scheme' claims FRA
The news that the World Bank's Forestry Carbon Fund has been boosted by an impressive $180 million in funding, has been welcomed by FRA.
Seattle, United States, January 16, 2013 -- The news that the World Bank's Forestry Carbon Fund has been boosted by an impressive $180 million in funding, has been welcomed by Forestry Research Associates (FRA).
The research and analysis consultancy, specialising in sustainable forestry investments, claims that the extra funding will help improve chances of improving sustainability in countries like Indonesia and Brazil. "Some of these regions are still heavily reliant on the income they get from illegal forestry and being able to offer cash incentives for keeping their forests alive is a major boost to efforts to reduce deforestation." Stated Peter Collins, FRA's analysis partner.
The funding will go towards the Forest Carbon Partnership Facility (FCPF), which pays compensation to communities in developing countries that protect their forests. The extra cash came from Norway, Germany and Finland in an effort to further boost the REDD+ aforestation program.
World Bank vice president for sustainable development, Rachel Kyte, said that the funding is necessary to ensure the move against deforestation continues, "Forests continue to be lost as efforts to get the world on a greener, low-carbon growth path struggle to increase in speed and scale to meet the climate challenges ahead."
Other support came from Norway's special envoy for international climate change policy, Hans Brattskar, who explained, "REDD+ needs to move from planning to large scale action already in this decade if we are to maintain the two degree goal."
Mr Collins added, "We agree that the extra funding is needed to drive the REDD+ program forward in order to keep up with the growing threat of climate change and the impact this is having on some of the most vulnerable communities in the world."
"The Carbon Fund will bring countries and companies together to create early demand for forest carbon with strong safeguards," added Brattskar.
About Forestry Research Associates
Forestry Research Associates is a research and advisory consultancy that focuses on forestry management, sustainability issues and forestry investment around the globe.