Washington, DC (December 12, 2007)- The World Bank announced that it is launching a $300 million forest carbon fund aimed at preventing the destruction of the world’s forests. “Deforestation and changes in land use are the second leading cause of global warming,” World Bank President Robert Zoellick said. “If we don’t focus on retaining the world’s remaining tropical forests, we drastically narrow the options for reducing greenhouse gas emissions.”
The program will have a $100 million “readiness” fund that provides grants to around 20 countries to prepare them for future large-scale forest protection programs. Additionally, the remaining $200 million will be used for a “carbon finance mechanism,” which allows some of these countries to run pilot programs that used credits for curbing deforestation.
World Bank Forest Carbon Fund