£22bn emergency fund aims to cut rate of deforestation

Ben Webster
Britain is to contribute hundreds of millions of pounds to an emergency rainforest protection fund.
The aim of the fund, which is backed by 35 countries, is to begin cutting the rate of deforestation immediately, without waiting for the United Nations to complete negotiations on its own scheme for saving rainforests. Payments will be made to rainforest countries in return for agreements to reduce the rate at which they chop down their trees.
Ed Miliband, the Energy and Climate Change Secretary, said yesterday that Britain would confirm the size of its contribution before the end of next month’s climate change summit in Copenhagen.
Last month a working group appointed by the 35 countries published a plan for a fund of €15 billion to €25 billion (£13.4 billion to £22.4 billion) to cover 2010-15. The group said this would reduce deforestation by 25 per cent.
The UN’s forest protection scheme is due to be approved in Copenhagen but may not take effect for several years.
The US yesterday became the first nation to specify its initial support for the emergency fund, pledging $275 million (£165 million) for 2010. Greenpeace calculated that, based on per capita global greenhouse gas emissions, Britain should contribute £700 million over five years.
John Sauven, Greenpeace’s director, said that Britain risked losing its international reputation for environmental leadership by delaying announcing its contribution to the fund. “We all rely on the world’s tropical rainforests for food and rainfall, and to store vast amounts of our carbon emissions. Paying a relatively small amount to protect them is an absolute bargain. Without them our economy could collapse and the climate would become increasingly hostile,” he said.
The Times has learnt that Mr Miliband had been due to announce Britain’s contribution yesterday. However, the announcement was delayed to allow “further analysis of the numbers”. Environmental groups are concerned that the Government is trying to reallocate money earmarked for overseas aid.