Norwegian Forestry investment programme

A commitment to work together to demonstrate a working example of how partnerships between developed and developing countries and can save the world’s tropical forests was unveiled by  Norway’s Minister of the Environment and President Bharrat Jagdeo of Guyana.  They have now signed a Memorandum of Understanding stating the two countries’ commitments to forestry investment and carbon emissions reduction.

Guyana intends to step up its efforts to limit forest-based greenhouse gas emissions and in so doing,  protect its rich rainforest. Norway plans to provide  financial support to Guyana subject to Guyana’s efforts  in reducing the emissions.. President Jagdeo,  said “We want to avoid the high-carbon development trajectory that today’s developed world followed.”

Financial support from Norway will be directed via a new fund called  the Guyana REDD+ Investment Fund (GRIF). Guyana’s Ministry of Finance will be accountable for its operation, together with an international financial institution to be chosen by Norway and Guyana. The mechanism will ensure full national and international oversight of financial flows.”

Norwegian Minister,  Mr Solheim. commented,  “Saving the world’s remaining tropical forests is a crucial element in the battle against climate change, and we are proud to support Guyana’s contributions in that effort”. He continued, “We are committed to contributing $30 million to support the Guyana REDD+ Investment Fund in 2010. Provided that the expected results are achieved and that other elements of the partnership fall into place, our support for the years up to 2015 could add up to as much as $250 million,”