Six nations pledged $3.5 billion during the Copenhagen Climate Summit in December 2009 to kick start the UN’s Reducing Emissions from Deforestation and Degradation, or REDD, programme to compensate developing nations for not cutting down trees. It was perhaps the one spot of good news out of Copenhagen. And though the funds fall short of the estimated $25 billion that will be required to protect the world’s green lungs from now until 2015, it is still a great deal of money to absorb into an industry not known for good governance.
According to the World Bank illegal logging costs the world economy at least US$10 billion annually with up to 80 percent of timber harvested in countries like Cambodia, Papua New Guinea and Indonesia coming from illegal sources. Many countries have legislation in place to protect forest reserves and prevent illegal logging, but corruption ensures that it continues.
See full Press Release.
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