Latest update November 26th, 2024 1:00 AM
US commits US$1 billion in REDD funds
US Secretary of Agriculture, Tom Vilsack
By Neil Marks in Copenhagen
The United States yesterday announced that it was committing US$1 billion as part of a US$3.5 billion joint plan with other rich countries to help poor countries adapt to climate change.
The announcement was made by US Agriculture Secretary, Tom Vilsack. He said the US$3.5 joint effort was with the US, Australia, France, Japan, Norway, and the United Kingdom.
This fund will help to add up to a US$10B a year plan over the next three years by the UN to immediately help poor countries adapt to climate change.
They agreed that the funds would be “initial” public finance towards slowing, halting and eventually reversing deforestation in developing countries. This funding will help facilitate immediate actions in REDD+ (Reducing Emissions from Deforestation and Degradation) for the years 2010-2012.
“Protecting the world’s forests is not a luxury – it is a necessity,” said Vilsack.
These funds will be available for countries that develop ambitious REDD+ plans for their forest sector, according to their respective capabilities. Guyana could be among the first countries to benefit from the funds because of having advanced its REDD strategy, namely the Low Carbon Development Strategy.
President Bharrat Jagdeo, a vociferous voice on the need for rich countries to pay forest-rich nations for keeping forests standing, was expected to speak, yesterday, on the funding when he addressed the high level meeting of the Copenhagen summit.
The world loses more than 13 million hectares of tropical forests annually, producing approximately 17 per cent of global warming emissions.
The loss of tropical rainforests is devastating to the protection and storage of water, the health of biodiversity, and the livelihood of rural populations.
The United States said it is already working with international partners to protect forests across the globe. The State Department¸ USAID, and USDA’s Forest Service are starting to work with developing countries around the world to learn how REDD+ can be implemented on the ground and expect to ramp up these programmes in the near future.
This includes improvements in carbon inventories, payment systems for ecosystem services and assistance in helping forests adapt to a changing climate.
While REDD+ can make it possible for developing countries to protect their forests, developed countries must also recognize their responsibility towards their own lands.
“The announcement is a major breakthrough, bringing us towards the estimated costs of fast-tracking REDD+ start-up through the first three years of an interim start-up phase. Gabon is committed to moving forward,” said President Omar Bongo, Republic of Gabon.
Costa Rica also welcomed the announcement, noting that it has demonstrated that halting and reverting deforestation in tropical developing countries is possible, and enhancement of forest carbon stocks is feasible and cost-effective.
“Our country had 72 percent cover in 1950; it went down to 21 percent in 1987 and it has now recovered to 51 percent in 2005. Although this is an achievement, we aspire to do more.
“That is why we welcome the pledge for fast-start financing for REDD+ because it will allow us to move forward as well as helping other developing countries to become effective carbon sinks,” said Dr. Alvaro Umana, Ambassador for Climate Change and Chief Negotiator of Costa Rica.
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