In the attempt to help reduce deforestation in developing countries, Norway has committed $5 million U.S. dollars to the Forest Carbon Partnership Facility (FCPF) which was launched at the UN Climate Change conference in Bali, Indonesia on December 13, 2007 bringing the resources to 165 million dollars.
“Norway is pleased to chip in to the funding of this innovative mechanism, hoping other countries will follow suit. I also hope it will serve as an important catalyst for large scale private financing,” said Erik Solheim, Minister of Environment and International Development of Norway.
“Norway has been an extraordinarily good partner for the World Bank in a number of areas so we are delighted that Norway is taking this significant step,” said World Bank Group President Robert B. Zoellick.
“It is a sign of Norway’s steadfast commitment to development. Whether in health, forestry or other areas, Norway plays a leadership role, and we very much appreciate this partnership, ” he said.
The Forest Carbon Partnership Facility, working through the Readiness Mechanism and the Carbon Finance Mechanism, each with its own trust fund for which the World Bank will act as Trustee –will help reduce deforestation and forest degradation.