Brazil leads the region in funding commitments to REDD
According to a study, around 80% of the world’s REDD (Reduced greenhouse gas Emissions from Deforestation and forest Degradation) credits are originated in Latin America and Brazil leads the region in funding commitments to REDD.
Companies are aware about fighting against climate change and multinational corporations like Microsoft and Disney are pouring millions of dollars into protecting forests, throwing their weight behind the evolving market for forest carbon offsets. Microsoft has purchased offsets in several countries, one of them, precisely, Brazil, to offset emissions associated with their electricity use and air travel.
Disney has pledged to continue supporting new offset projects, particularly in the forestry sector, and has used the funds generated from its double-digit internal carbon prices to pay above-average prices for the credits. With the help of a $3.5 million donation from Disney, Conservation International has been able to develop a REDD+ project in the dwindling Alto Mayo Protected Forest in Peru. The project has generated 3 million tons of emissions reductions so far, and delivered a host of benefits for the local populations.
Colombia is another country where a lot of REDD projects are been developing. According another study, in the last four years nearly USD $30 million was pledged for REDD activities in Colombia, with $13 million delivered. Most of the funding came from the U.S. Agency for International Development (USAID). Other donors include the Moore Foundation and the governments of Finland, the Netherlands and Norway. The funds were administered through Colciencias, the Colombian government Agency of Technology, Science and Innovation.