Fighting climate change can be a bit expensive. In 2008, when Europe pledged to reduce its carbon emissions by 20 percent the estimated cost was 70 billion euros ($86 billion) a year until 2020.
Thanks to the recession and an increasing need for lower energy costs, that price is now estimated to cost 48 billion euros a year.
Still, for poorer countries, that leaves a huge financial barrier blocking environmental progress. That’s why talks starting today (Thursday) will work toward developing a single international organization overseeing the money contributed to help poorer countries fight deforestation.
Wednesday, Germany pledged $500 million and Norway $1 billion toward the Reducing Emissions from Deforestation and Degradation, or REDD+, program. Norway will also contribute an additional $1 billion specifically to Indonesia. The total funding since the inception of the program in Copenhagen last December has reached $4 billion.
Twenty percent of the world’s carbon emissions come from deforestation, which is more than all transportation combined. REDD+ will offer financial incentives for the developing countries to reduce their carbon emissions from deforestation, and to invest in more sustainable development. The program will also closely monitor the reaction of indigenous peoples living in forest areas.
Photo by crustmania via Flickr.