Indonesia to adapt the world's first forest scheme
Indonesia pioneers a national set of rules for tradable carbon credits as an incentive to protect forests. The scheme is UN-backed.
Morten Andersen, COP15 Copenhagen, 12/05/2009 16:35
Indonesia has adapted the world’s first set of national rules relating to the scheme Reducing Emissions from Deforestation and Degradation (REDD). The UN-backed scheme aims at creating incentives for preservation of forests. Deforestation is estimated to contribute by one fifth to man-made climate change.
Under the present international deal, the Kyoto Protocol, a foreign party can team up with a local entity to create a project that mitigates global warming under the Clean Development Mechanism (CDM). By financing a CDM project, the investing country obtains carbon credits. The idea is to create a similar mechanism for REDD under the next international deal to be negotiated in Copenhagen this December.
The Indonesian legislation specifies the types of forests that can be subject to REDD projects and lays down licensing requirements.
”From a private sector perspective, these new REDD regulations are really encouraging, as they provide more certainty on process and procedure to implement a project,” Dorjee Sun, CEO of Carbon Conservation, tells Reuters. The organization works with the Indonesian government to create the world’s first independently validated REDD project in the Ulu Masan region.
While REDD is at the UN conference agenda this year, actual implementation of an international scheme is not expected before 2013, the earliest. Thus, it is still too early to calculate the exact value of REDD carbon credits.
”We may therefore be looking at donor money for the early REDD projects, with investor money to follow once the full picture is presented,” Jakarta-based lawyer Luke Devine tells Reuters.
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