Boost in climate and forest conservation funding signals increased support for REDD+
Washington, D.C., 11 January 2013
– REDD+ received a nod of approval this week as the nations of Germany, Norway and Finland announced US$180 million in new funding to the World Bank’s Forest Carbon Partnership Facility (FCPF -- bit.ly/FCPFnews
) . The news was applauded by the global conservation organization WWF as a positive step forward in the conservation of tropical forests and the development of a framework for REDD+
(reducing emissions from deforestation and forest degradation).
The funds will be primarily used by FCPF to pilot “results-based” efforts to reduce deforestation and forest degradation through the Carbon Fund. Of the total US$180 million, US$13.6 million from Germany and US$5.3 million from Finland, is earmarked for the Readiness Fund, which will help build the capacity of developing countries to participate in future “results-based” REDD+ efforts.
These new commitments demonstrate recognition that sustainable development in tropical forest countries is an essential part of the overall climate solution. With up to 20% of global carbon emissions caused by deforestation and forest degradation, REDD+ remains the single most effective potential mechanism for fighting climate change.
The funding announcement is the latest in a string of financial commitments to REDD+ including last month’s announcement from Norway of US$30 million in financing for REDD+ implementation in Vietnam, US$24 million from the UK's International Climate Fund to Colombia for reduction of forest carbon emissions, and the German development bank KfW’s financing of US$25 million for results-based emissions reductions in Brazil’s Acre state.
“While 'fast start' finance pledged in 2009 through multilateral lending institutions including the World Bank has been slow to reach the ground,” said Bruce Cabarle, Leader of WWF’s global Forest and Climate Initiative, “WWF recognizes the increasing role that these institutions can play in both capacity building and early action to reduce greenhouse gas emissions from deforestation and forest degradation while promoting social and environmental benefits.
“WWF applauds Norway, Finland and Germany for taking leadership roles on REDD+ finance,” Cabarle added. “We need more REDD+ finance like this flowing to developing countries that are willing to reduce their forest carbon emissions in a transparent and verifiable manner. Increased early action from decision makers to put REDD+ in practice is urgently needed now, if we are to make a real impact on combating climate change.”