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Reaping rewards: Indonesia to receive payment from Norway for forest conservation
Indonesia is set to receive a US$56 million grant from Norway in the first payment for the country’s success in reducing deforestation and carbon emissions under the Reducing Emissions from Deforestation and Forest Degradation (REDD+) cooperation scheme.
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Picturesque: A mangrove forest grows adjacent to the Graha Indah residential area in Balikpapan, East Kalimantan. (JP/Muthi Kautsar)
Indonesia is set to receive payment from Norway for successes in reducing deforestation and carbon emissions.
The Indonesian Environment and Forestry Ministry announced late last month the country was set to receive a US$56 million grant from Norway as the first payment under the Reducing Emissions from Deforestation and Forest Degradation (REDD+) cooperation scheme.
The grant is to be handed over in June, coinciding with the commemoration of a decade of climate funding cooperation, in which Indonesia expects to receive a total of $1 billion for protecting its tropical forests.
The money will be paid in installments based on Indonesia’s success in reducing greenhouse gas emissions from deforestation and forest degradation below the ten-year average established from 2006 to 2016. The annual emissions during that period were estimated to be 237 million tons of carbon dioxide equivalent (CO2e) from deforestation and 42 million tons from forest degradation.
According to the Norwegian government’s verification process from November 2019 to March of this year, the emissions reduction achieved by Indonesia in the 2016 to 2017 period was 11.2 million tons of CO2e – higher than its initial report of 4.8 million tons.
Read also: Indonesia to receive $56 million from Norway for reducing emissions
Each ton of CO2e under the scheme was valued at $5 – the price designated by the World Bank for the REDD+ scheme.
