Working through two mechanisms -- the Readiness Mechanism and the Carbon Finance Mechanism -- the Forest Carbon Partnership Facility (FCPF) will help reduce deforestation and forest degradation. Developing countries will earn money from carbon dioxide emissions realized by keeping their forests standing.
“Norway has been an extraordinarily good partner for the World Bank in a number of areas so we are delighted that Norway is taking this significant step,” said World Bank Group President Robert B. Zoellick. “It is a sign of Norway's steadfast commitment to development. Whether in health, forestry or other areas, Norway plays a leadership role, and we very much appreciate this partnership.”
More than a decade ago, Norway played a pivotal role with the World Bank in the creation of the first global carbon fund (the Prototype Carbon Fund) and is now one of the first 10 countries to sign onto the groundbreaking Forest Carbon Partnership Facility.
“Norway is pleased to chip in to the funding of this innovative mechanism, hoping other countries will follow suit. I also hope it will serve as an important catalyst for large scale private financing,”says Erik Solheim, Minister of Environment and International Development of Norway.
Many developing countries have expressed their interest in participating in the FCPF. To date, 30 countries from Latin America, Africa and the Asia-Pacific region, have requested an opportunity to participate.