Developed and developing countries have agreed on a framework to unlocking financing for forest conservation projects in poor countries.
The non-binding agreement, according to Reuters, was reached by representatives of 52 countries that attended the Oslo Climate Forest Conference held May 27 in Norway. It outlines how aid from rich countries will be funneled to the developing world as well as identifies measures and standards to ensure that forest aid is channeled based on results.
In the same conference, Indonesia announced it will impose a two-year moratorium on natural forest-clearing activities, according to The New York Times. Indonesia’s commitment is part the country’s bilateral deal with Norway, which for its part agreed to give USD1 billion to help the country reduce its annual carbon emissions.