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Japan supports carbon trading initiative |
The Forest Carbon Partnership Facility to finance projects to curb slash-and-burn farming and other forms of forest degradation will begin in Vietnam, Madagascar and 23 other countries that were formally selected at the facility's first meeting in the U.S. in late October, the officials said.
The facility will sell market credits for carbon dioxide emissions that would have been generated without the antideforestation projects. Sales of the credits will then finance more projects for forest preservation. Reducing carbon dioxide emissions by way of curbing the degradation of forests did not receive attention in the Kyoto Protocol on climate change, even though emissions from slash-and-burn and other forms of forest degradation account for around 20 percent of global greenhouse gases. The officials said that if the initiative — dubbed Reduced Emissions from Deforestation and Forest Degradation — succeeds, it will help combat global warming and preserve the environment. Japan has a $10 million stake in the facility, which is currently worth $170 million. The World Bank and other parties are aiming to raise around $300 million for the facility. Funds will be used to monitor illegal logging and to establish forest sanctuaries. Mechanisms will be developed to compute the amount of carbon dioxide emissions that would be curbed as a result. The facility could also be used to buy emissions credits. |
