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
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
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.