Unusual tree-care fund scheme - 23/11/09

In an unusual tree-saving initiative, governments have agreed to fund rainforest countries if they reduce deforestation.

The Prince of Wales welcomed the emergency funding proposals of an inter-governmental panel of experts, as the US said around $275 million dollars (£165 million) could be made available for the scheme next year.

According to the plans, funds will be paid to rainforest countries when they meet agreed targets and they will be rewarded on a performance basis for decreasing the number of trees they destroyed.

The initiative could work along the lines of last week's agreement between Guyana and Norway.

Up to £250 million (£150 million) in investment from Norway could be earned by the South American country by 2015, depending on the government's success at cutting emissions and stopping the destruction of trees.

World governments will be requested to fund the latest scheme, for which it is estimated between £13.5 to £22.3 billion will be needed over the next five years to see a possible 25% reduction in annual global deforestation rates by 2015.

The initiative was put forward by the Informal Working Group (IWG) of more than 30 countries after examining proposals made by the Prince's Rainforests Project.

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