Reuters: The world's first rules for generating tradeable carbon credits from protecting forests were a good start but Indonesia needed to clear up doubts over the government's share of the revenues, analysts and industry said Friday. Indonesia's forestry minister signed the rules last Friday, making Indonesia the first nation to formally enact regulations governing a U.N.-backed scheme called reducing emissions from deforestation and degradation (REDD).The scheme aims to generate billions of dollars in carbon credit revenue for developing nations in return for long-term protection of forests or rehabilitation of forest land. Forests soak up vast amounts of carbon dioxide and reversing the rate of deforestation is seen as crucial to braking the pace of climate change.
About 20 percent of mankind's greenhouse gas emissions come from clearing and burning forests and Indonesia has been a large contributor of that pollution through logging and clearing for palm oil plantations.
Under the Indonesian rules, a foreign party can join up with an local entity to develop a REDD project and the credits could be used to offset emissions in the developed world. The rules also spell out what types of forests are eligible and the licensing requirements. A national REDD commission would vet projects, which could run 30 years and possibly be extended…..
River, village and forest. Puncak, West Java, Indonesia. Shot by What's in a name... from Jakarta, Indonesia, Wikimedia Commons via Flickr, under Creative Commons Attribution 2.0 License
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