"Brazil on Thursday unveiled long-awaited details of a plan to pay countries to preserve their tropical forests and announced it had already drawn $5.5 billion in pledges. The fund is President Luiz Inacio Lula da Silva's flagship project as he welcomes world leaders to the edge of the Amazon for the United Nations annual climate summit an effort to draw attention and money to the imperiled rainforest crucial to curbing global warming."
"Financed by interest-bearing debt instead of donations, the fund, dubbed the Tropical Forests Forever Facility, seeks to turn the economic logic of deforestation on its head by making it more lucrative for governments to keep their trees rather than cut them down. Although destroying rainforests makes money for cattle ranchers, miners and illegal loggers, Brazil hopes to convince countries that preserving forests promises richer rewards for the entire world by absorbing huge amounts of planet-warming emissions."
Brazil unveiled a plan to pay countries to preserve tropical forests and announced $5.5 billion in pledges. The Tropical Forests Forever Facility will be financed by interest-bearing debt rather than donations. The fund aims to reverse the economic incentives for deforestation by making preservation more financially attractive than cutting trees. Deforestation continues to generate income for cattle ranchers, miners, and illegal loggers. Brazil intends to persuade countries that preserved forests offer greater global rewards through massive carbon absorption. Norway pledged $3 billion, constituting the largest commitment amid the UN climate summit at the Amazon.
Read at www.independent.co.uk
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