The fight to finance standing forests

Jun 23, 2009 Letters

Dear Editor,
China is one of the world’s largest carbon dioxide emitters because of its heavy industrialization and urbanization.
China is more focused on a cumulative emission budget over the 21st century, the low carbon economy characterized by low energy consumption and low emissions are becoming more popular in China.
Global talks about climate change are difficult to advance because developed countries are yet to decide on how they will finance developing countries equipped with standing forests. The European Union (EU) is unable to reach a consensus because developed countries, especially the United States, are yet to decide on their own position on financing rainforest countries for their standing forests.
The EU also wants the more developing countries to commit to meaningful mitigation actions before making financial pledges. However, at this time, negotiations regarding the assignment of rainforests countries to take action on climate change mitigation will require concrete figures on financing from the industrialized nations.

The decision on financing rainforests to reduce emissions is in stalemate because of the unresolved issues relating to climate finance. The developed countries need to decide how they can deliver funding before making financing commitments. Europe’s poorer countries including Poland, Bulgaria and Hungary expressed fears that EU negotiators would commit them to providing more finance for the developing world during international negotiations than they could afford in the current economic situation.
These countries prefer to utilize their funds for their domestic development, instead of giving it away towards the development of developing countries.
Since the EU’s call for the development of low carbon development strategies by developing countries to outline mitigation actions, Guyana developed its strategy called, “Transforming Guyana’s Economy While Combating Climate Change.”

This approach is based on the proposal for the generation of money through an international carbon credit mechanism, but the unresolved issues pose a major problem towards this strategy. However, three problems are identified by this strategy: 1) the need for the developed world to value standing forests, 2) agreement by leaders from the developed world to include payments for forestry climate services within the global carbon markets, and 3) predictability of for forest payments by developed countries.
Deforestation accounts for roughly a fifth of all greenhouse gas emissions.

As we all should know, protecting forests will reduce carbon emissions, leading to poverty reduction and the preservation of biodiversity. Tropical forests act as a ‘lung’, producing a large amount of oxygen everyday.
They store and absorb carbon dioxide from the air, and release fresh and clean oxygen. These trees are important, in order to ensure that the earth’s temperature remains stable.
It, therefore, is necessary that the Kyoto protocol provides for incentives for the preservation of rainforests, and so, it is critical to revise that Protocol at Copenghagen this year.
We must laud the efforts of President Jagdeo, to craft a Low-carbon Development Strategy called ‘Transforming Guyana’s Economy While Combating Climate Change,’ addressing avoided deforestation; and how developing countries can contribute and earn revenues for the sustainable development of their economies.
However, global cooperation is necessary to manage Climate Change. And so, the fight to persuade leaders worldwide to invest in the idea of financing standing forests to aid in the alleviation of Climate Change continues.
Marissa Lowden

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The fight to finance standing forests

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