Developed countries offer financial incentives
April 18, 2019 9:25 am
There is a need for developed countries to assist developing countries in the broader fight against climate change.
One of the main approaches for “Reduced Emissions from Deforestation and Degradation” (REDD+) proposes that developed countries offer financial incentives to developing countries.
This was highlighted by the Permanent Secretary for Forestry Pene Baleinabuli during his opening address at the stakeholder workshop on Carbon Rights at Holiday Inn.
Finance could either be provided from international public funds or potentially from carbon trading schemes.
Baleinabuli says such a mechanism would effectively create a new value for carbon removed from the atmosphere by, and stored in, forests.
He says very few countries have developed laws relating to carbon sequestration as an environmental service, or forest carbon as a good or resource produced by forests.”
He said those that do not enact such laws will have to apply existing laws to determine carbon rights if they wish to participate in either market or non-market incentive mechanisms.
Baleinabuli challenged the participants at the workshop to recommend sound advice that will eventually build on the governance of the forestry sector.