Uganda and World Bank Agree on 3.6 Million Dollar Eco Deal

1 October 2013

As the ink dries on a 3.6 million dollar agreement between Uganda and the World Bank to support the country’s preparations for the programme known as REDD, some analysts are pessimistic over the mechanism’s potential.

REDD, short for reducing emissions from deforestation and degradation, was formally agreed to in 2007 at the UN Framework Convention on Climate Change negotiations in Bali, Indonesia. The programme is intended to reward the preservation of forests with carbon credits that can be sold to polluting companies in the North wishing to offset their harmful emissions. (REDD+, agreed on later, extends the concept beyond forests and plantations to include agriculture.)

Uganda’s REDD negotiator is Xavier Mugumya. He said that in addition to the 3.6 million dollars from the World Bank, the Austrian government has offered a grant of 650,000 euros (865,000 dollars). But this is only a fraction of the total set out in the country’s Readiness Preparation Proposal.

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