Norway will provide financial support for Guyana’s ambitious plan to conserve its rainforests, reports Mongabay.com.
During a meeting in Oslo, Guyana President Bharrat Jagdeo and Norwegian Prime Minister Jens Stoltenberg signedan agreement to establish a partnership to reduce emissions from deforestation and forest degradation (REDD).
It is also understood that the leaders will also push for the incorporation of a REDD mechanism that includes low deforestation countries like Guyana in a post-2012 climate change agreement.
“We agreed that if the world is to prevent irreversible climate change, it is essential that greenhouse gas emissions from deforestation and forest degradation are drastically reduced,” the men said in a statement.
It continued: “To achieve this vital objective, they agreed that determined and concerted action is needed.
“They emphasised that efforts under the UNFCCC towards REDD must be properly designed to ensure that deforestation is significantly reduced in countries where it is already occurring, and avoided in countries where deforestation rates are still low.”
Mr Stoltenberg added that REDD “would provide funding for provide funding for a shift away from forest-dependent employment and income generation, towards support for the creation of low carbon development and low deforestation economies”.
Norway’s financial commitment was not specified, although the statement noted that the Scandinavian country was “prepared to provide performance-based, substantial and sustained compensation for the progress Guyana makes in limiting emissions from deforestation at low levels and further decreasing forest degradation”.
The agreement includes the establishment of a “reputable international organisation” to distribute funds for low-carbon development based on Guyana’s performance.
President Jagdeo welcomed the deal: “The developing and the developed countries must work together to address global warming. I commend the government of Norway for showing leadership through its climate and forest initiative.”
Norway has pledged up to $430 million per year to reducing emissions from deforestation and forest degradation in developing countries.
To date, it has already committed up to $1bn to Brazil’s Sustainable Amazon Fund, provided the South American country meet targets for reducing deforestation.
Filed under: biodiversity, carbon, certification, climate change, climate negotiations, sequestration | Tagged: Amazon, biodiversity, Brazil, carbon emissions, climate change, deforestation, environment, global warming, greenhouse gases, guyana, habitat loss, mongabay.com, norway, redd, south america, tropical forests, unfccc |