When it comes to causing global warming, the destruction of forests is second only to burning of coal and other fossil fuels. Now, the developing world has a new tool to protect its vast rain forests.
The World Bank has set up a new fund designed to help developing nations preserve their forests. The bank has raised $160 million of the $300 million necessary for the fund, and 30 nations have expressed interest. Indonesia, the third-largest emitter of greenhouse gases, owing to rapid deforestation, is one obvious target.
To that end, in a separate move, the United States has offered Indonesia a $19 million debt-for-nature swap, according to Asia Pulse. If accepted, the U.S. would forgive debt if Indonesia makes comparable investments in preserving its natural environment.
Protesters, meanwhile, criticized the World Bank forest protection program.
“They’ve packaged up their carbon trading agenda under the guise of forest protection, when in fact this Facility will result in more forest destruction, more displacement of indigenous peoples and more carbon emissions,” said Anne Petermann, Co-Director of Global Justice Ecology Project. "It’s a lose-lose-lose proposition for everyone but big business.”
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