The World Bank has already raised about US$160m towards its new programme to reduce deforestation, the UN Climate Change Conference in Bali has heard.
Bank president Robert Zoellick promoted the Forest Carbon Partnership Facility at the conference and revealed financial commitments from a host of countries including Germany (US$59m), the UK (US$30m), the Netherlands (US$22m) and Australia and Japan (both US$10m).
The programme includes two funds, with a total target of US$300m, which are intended to prevent deforestation by financially compensating developing countries for maintaining their forest cover.
Earlier at the conference, delegates heard that a “carrot” approach to reducing deforestation was the route being favoured by decision-makers.
Yvo de Boer, executive secretary of the UN Framework Convention on Climate Change (UNFCCC), said the carrot route would involve looking at concerns of poor people with an economic stake in the issue and offering them a real economic alternative to cutting down trees.
The conference, which finishes on December 14, is expected to adopt a decision on reducing emissions from deforestation in developing countries.
Kishan Kumarsingh, chairman of the Subsidiary Body for Scientific and Technological Advice, told a UNFCCC press briefing that the text under consideration recognised the urgency to take action on the issue.
Last week TTJ reported on a Greenpeace plan to potentially raise millions of dollars to fight deforestation through a new carbon unit trading scheme.
