India has established one of the world's largest forest-protection funds and plans to set up a regulatory body modeled on the US Environmental Protection Agency in an effort to improve its dismal environmental track record. The move comes even as the country resists firm caps on carbon emissions. The USD 2.5 billion fund will be earmarked for the regeneration and management of forests, which have been identified by researchers as an important means of reducing carbon emissions, said Jairam Ramesh, India's minister of state for environment and forests. Ramesh reiterated India's desire to reach a global agreement at the upcoming UN summit in Copenhagen, but said it was ‘unfair' to blame developing countries for high carbon emissions when rich nations had failed to fulfill their obligations under the Kyoto Protocol. (WSJ, AFP)

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