Norway and Germany announced on Tuesday (June 21) that they are contributing a total of more than $90 million to the World Bank in a bid to help slow down tropical deforestation in developing countries.
Norway said it will contribute $50 million to a World Bank carbon fund as part of the Forest Carbon Partnership Facility, a global alliance focused on reducing emissions from deforestation and forest degradation and similar initiatives. Meantime, Germany said it will provide an additional 30 million euros ($43 million) to the same fund.
Norway and Germany’s contributions bring the total investments in the carbon fund to some $200 million, Reuters notes. The fund is expected to begin making payments to five countries for results in slowing down deforestation this year, the news agency says. Candidates include Indonesia, Costa Rica, Nepal, Mexico and the Democratic Republic of Congo.
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