Bankers take centre stage in fight to save rainforests
(...) Sixty-nine countries around the world have already signed up to the reduced emissions from deforestation and forest degradation programme, or REDD, under which forest owners are effectively paid not to cut down trees. About $5.5bn (£3.4bn) has been pledged by governments to the scheme already.
However, to reach its 2020 target, UNEP estimates that between $17bn and $30bn a year is needed. Governments alone cannot provide this kind of money. "The problem cannot be solved without the private sector," Mr Mitchell says. Barring resistance from a few isolated participants, including most notably Bolivia, most people seem to agree with him.
In fact, last year a US government paper proposed that its $1bn contribution to REDD should be conditional on private sector support. Market mechanisms, therefore, will be the key to REDD's success. (...)
India’s first REDD project: