NUSA DUA, Indonesia (Reuters) – The World Bank on Tuesday launched plans for a $300 million fund to fend off global warming by preserving forests, but protesters said it risked turning homes of indigenous people into an asset for the rich.
The new financing mechanism, launched at U.N. talks on tackling climate change, aims to turn better forest management into a tradeable commodity to try to halt destruction so rapid it accounts for around a fifth of annual carbon emissions.
“If we don’t focus on retaining the world’s remaining tropical forests, we drastically narrow the options for reducing greenhouse gas emissions,” World Bank President Robert Zoellick told the project’s launch.
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