Norway and Indonesia have signed a $1 billion agreement designed to curb rapid deforestation in vulnerable forests and peatlands. In return for Norway’s significant investment, Indonesia will impose a 2 year moratorium on all new concessions of peat and natural forest lands for clearing.
Part of Norway’s $1 billion investment will go towards creating and monitoring new projects under the U.N.-baked forest conservation scheme, called Reduced Emissions from Deforestation and Degradation (REDD). The Indonesia-based Center for International Forestry Research said this new deal could be “a game-changer in the drive to make REDD a reality.”
Norway and Indonesia’s landmark deal was supported by another notable investor – billionaire George Soros. In advance of the deal-signing, Soros said he would personally guarantee $50 million to help slow global deforestation, which he believes is of the utmost importance in the struggle to reduce emissions. “If you can stop the eradication of the forest before it happens, its much easier than to reclaim the degraded land. That is why I think quick action is so important.”