17 December 2013
In a boost for global efforts to combat climate change and tropical deforestation, Norway has pledged $100 million to the Forest Carbon Partnership Facility (FCPF), the World Bank administered facility that was set up to compensate developing countries for reductions in carbon dioxide emissions achieved by preserving their forests.
The FCPF consists of two funds: The Readiness Fund (now at US$360 million) provides grant financing to countries to develop their national strategies for reducing emissions from deforestation and forest degradation (REDD+), and put in place the systems and institutions for implementing these strategies. The Carbon Fund (US$390 million) will provide payments upon verification that emissions have been reduced.
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