Norway has made its first payment of some USD30 million to an investment fund that seeks to reduce emissions from deforestation and forest degradation in Guyana.
The Guyana REDD+ Investment Fund, which was established over the weekend, is the financial mechanism for the ongoing cooperation between Guyana and Norway on climate change.
Under the agreement between the two nations, Norway will pay Guyana for limiting its greenhouse gas emissions from deforestation and forest degradation. Guyana, in turn, will use the payment it receives to implement its low-carbon development strategy. Norway is expected to pay some USD250 million through 2015 depending on Guyana’s performance.
The World Bank acts as a trustee to the fund.