U.S. Offers $1 Billion for REDD

Katherine Hamilton on December 16, 2009 Comment

This afternoon, cloistered several metro stops away from the chaotic Bella Center, the non-profit Avoided Deforestation Partners hosted a line up panels bursting with big names in the forestry and climate world. Presenters including Thomas Friedman moderating an unexpected mix of Jane Goodall, Richard Branson, Jens Stoltenberg (the Prime Minister of Norway-- a major funder of REDD initiatives), and Bharrat Jagdeo (President of Guyana) kept cameras flashing.

However, the biggest news came at the end, when the United States Secretary of Agriculture Thomas Vilsack closed the event with an announcement that the Obama Administration was offering $1billion annually over the next several years for reducing emissions from deforestation and degredation in the developing world. Vilsak noted, "We regard this as an initial investment."

The details are still to be determined and numerous stakeholders are questioning how "additional" the investment will be from current U.S. development funding pots.

Similar pledges have now come from France, Japan, Norway, Australia, and the United Kingdom for a collective commitment of $3.5 billion over the next three years.