9 May 2014
JAKARTA, Indonesia — More than enough private capital is available for green growth initiatives, including forest projects, but a lack of political will has blocked investors from unleashing much-needed finances, Credit Suisse Managing Director and Vice Chairman Mark Burrows said at an international conference Tuesday.
Lack of financing has been cited as a major setback in the Reducing Emissions From Deforestation and Forest Degradation (REDD+) scheme, aimed at conserving forests and preventing vast amounts of carbon from entering the atmosphere.
But according to Burrows, there is not a lack of finance for forests and, more broadly, green growth. What’s lacking is the action from governments, standards and certainty needed to green-light investment.
“There are signs that one of greatest social innovations, and that is the financial market, can be realigned to channel capital into the green economy,” Burrows said at the Forests Asia Summit, organized by the Center for International Forestry Research (CIFOR) and Indonesia’s Ministry of Forestry.
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