- 7 years ago
Deforestation accounts for approximately 18% of global carbon emissions. As part of the efforts to reduce deforestation and land degradation (commonly referred to as REDD), the World Bank and Multilateral Development Banks are introducing a Forest Investment Program (FIP) under the Climate Investment Funds (CIF), which hopes to build institutional capacity for REDD implementation, support investments in forests, and reduce external pressures driving deforestation.
Though the aims of the FIP are ambitious, it will have to navigate some challenging waters where multiple interests are at stake. How are the interests of forest communities and Indigenous Peoples protected under plans to invest in forests? How can we ensure private sector investments adhere to rigorous standards? Is there a broader moral question in turning forests into carbon ‘banks’?