Nations Pledge Money for Forests

By SELINA WILLIAMS
COPENHAGEN -- The U.S., Britain, France, Australia, Japan and Norway pledged $3.5 billion Wednesday toward slowing, halting and reversing deforestation in developing countries if there's a broader agreement at the United Nations climate talks here.
"As part of an ambitious and comprehensive deal, we recognize the significant role of international public finance in supporting developing countries' efforts to slow, halt and eventually reverse deforestation," a joint statement said.
Talks toward a broad climate agreement remained bogged down Wednesday amid disagreements over long-term subsidies for poor nations, the methods by which promises to cut greenhouse gas emissions would be monitored, and the extent to which rich and poor nations should cut their emissions of carbon dioxide and other gases linked to climate change.
The proposed money to subsidize preservation of forests is part of a package of financing proposed for the period 2010 to 2012. The six countries said in the statement they were committed to scaling up the finance later.
The funding would go toward rewarding countries that protect their forests or plant trees.
Deforestation accounts for approximately 17% of global warming emissions, based on some estimates.
Write to Selina Williams at selina.williams@dowjones.com