Economic Instruments - Other
MOU Rain Forest Protection (Norway and Guyana)
Guyana and Norway have entered into partnership to protect Guyana's tropical forests. Under the partnership, Norway will provide financial support to Guyana at a level based on Guyana’s success in limiting emissions.
A Memorandum of Understanding was signed and under the partnership, Guyana will accelerate its efforts to limit forest-based greenhouse gas emissions, and protect its rich rainforest as an asset for the world. Norway will provide financial support to Guyana at a level based on Guyana’s success in limiting emissions. This will enable Guyana to start implementing its low carbon development strategy (LCDS) at scale.
Financial support from Norway will be channeled through a new fund, the Guyana REDD+ Investment Fund (GRIF). Guyana’s Ministry of Finance will be responsible for the GRIF’s operations, and a reputable international financial institution to be selected by Norway and Guyana will act as manager of the fund. The mechanism will ensure full national and international oversight of financial flows.
Norway is committed to contributing 30 million dollars to support the Guyana REDD+ Investment Fund in 2010. Provided that the expected results are achieved and that other elements of the partnership fall into place, the support for the years up to 2015 could add up to as much as USD 250 million (Norway Post, 2009)
The Norway Post , 2009 Guyana and Norway to protect rain forest. http://www.norwaypost.no/content/view/22743/1/ 17th Nov 2009
Latest Additions Climate Change