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Indonesia, Australia launch A$30 mln forest CO2 project

Updated On: Mar 05, 2010

Indonesia and Australia launched a A$30 million project on Tuesday to fight deforestation in Sumatra as part of efforts to cut greenhouse gas emissions and boost a planned forest-carbon trading scheme.

The project, to target Sumatra's Jambi province that has suffered rapid deforestation, is the second joint venture between the neighbouring countries keen to learn how to save forests by giving local communities incentives to keep the trees standing.

Australia and Indonesia are major supporters of a U.N. backed scheme that could potentially channel billions of dollars to developing nations that preserve and enhance their forests.

Called reducing emissions from deforestation and degradation (REDD), developing countries would earn money from carbon credits sourced from forest preservation projects by selling them to rich nations that must meet mandated emission reduction targets.

The U.N. hopes the scheme will start from 2013 as part of a broader climate pact to succeed the existing Kyoto Protocol.

Source:

Indonesia, Australia launch A$30 mln forest CO2 project [Reuter India]







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