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Fund invests in Kenya forest project, boosts UN scheme
an article by Stian Reklev, Thomson Reuters Foundation

Luxembourg-based Althelia Climate Fund has invested $10 million in a Kenyan project that is part of a United Nations scheme to take a market-based approach to curbing destruction of forests in developing nations.


A herd of elephants graze in the Taita Hills sanctuary in Tsavo West National Park, southeast of Nairobi, Feb. 6, 2011. REUTERS/Joseph Okanga

click on photo to enlarge

The move is the latest sign of growing private sector investment into projects underlying the U.N.'s Reducing Emissions from Deforestation and forest Degradation (REDD) mechanism.

The 30-year project will protect 200,000 hectares of forest in Kenya, generating 1 million carbon credits annually that can be sold to companies looking to voluntarily offset their greenhouse gas emissions.

Deforestation accounts for almost a fifth of the world's greenhouse gas emissions, blamed by scientists for causing dangerous climate change.

Althelia was set up last June with backing from a number of funding agencies, including the European Investment Bank, Dutch development bank FMO and development finance company Finnfund.

The Taita Hills project, developed and managed by California-based Wildlife Works, is the fund's first investment.

DISCUSSION

Question(s) related to this article:


Despite the vested interests of companies and governments, Can we make progress toward sustainable development?

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Latest reader comment:

[responding to CPNN article The film 'Demain', a manifesto?

Yes initiatives from the grassroots are important and necessary which will have a direct impact on the present and the future. But there are governments like India which are conscious of over exploitation of the earth’s resources and are taking suitable policy measures and also taking legal action against the exploiters.

We must emphasize public transportation and reduce our dependence on individual cars even though the auto industry will not like this.

Otherwise it is not demain but aujourdhui — the problems are there for us to see.


This report was posted on February 21, 2014.