Norway unveils $400-mn fund to tackle deforestation

Norway unveils $400-mn fund to tackle deforestation DAVOS: Government of Norway has announced a fund that will raise USD 400 million by 2020 and protect 5 million hectares in countries that are working to reduce deforestation and forest and peat degradation. The fund comes with a commitment of up to USD 100 million from the Norwegian government, based on a capitalisation goal

of USD 400 million by 2020, to be drawn from other bilateral and multilateral donors as well as private sector partners.

It will work in partnership with the Global Environment Facility, a UN environment programme, the Sustainable Trade Initiative (IDH) and major food companies and environmental NGOs.

The capital will be used in part to help improve productivity of small-scale farmers.

Erna Solberg, Prime Minister of Norway, announced the launch of the fund today at the World Economic Forum annual meeting here.

"The future of the planet depends on our common ability to both protect and restore forests at an unprecedented scale while simultaneously increasing agricultural production to meet growing global needs," she said.

"Through this fund, we will work with forest governments, the private sector and civil society to make this happen in innovative ways."

The fund is expected to help forested countries meet their commitments under the UN Paris Climate Agreement and contribute to a number of Sustainable Development Goals such as poverty reduction, zero hunger, decent work and economic growth, climate action, sustainable water management and an end to land degradation and biodiversity loss.

The fund is expected to provide an incentive for tropical forest governments by driving investments in countries and jurisdictions that protect forests and reduce related greenhouse gas emissions.