Norway to pay Peru $300 million for forest-based emissions reductions

23 September 2014

(Reuters) - Norway plans to spend as much as $300 million to support a program in Peru to reduce greenhouse gas emissions from the destruction of the world's fourth largest tropical forest, the two countries announced on Tuesday.

Norway pledged to pay for verified reductions in emissions generated by projects in Peru that succeed in cutting deforestation, consequently reducing the amounts of carbon dioxide currently being emitted.

The countries announced the program during the United Nations Climate Summit in New York.

It is one of the largest agreements so far on results-based payments for projects that reduce deforestation.

The deal runs up to 2021 and payments for emissions reductions are expected to start as of 2017.

Read more from Reuters UK