Dear Katoomba Members,
Greetings and welcome to the ninth of the East and Southern Africa Katoomba Group e-newsletter.
Our newsletter aims to keep our readers aware of the latest news about the network, reinforce the links between members and inform members about events and initiatives relating to payments for ecosystem services (PES) around the world.
We welcome your feedback, comments and suggestions, including any articles that you may wish to share with our readers. Please send them by e-mail to firstname.lastname@example.org
Coordinator, East and Southern Africa Katoomba Group.
1. ESA KATOOMBA NEWS
2. NEW PES-RELATED INFORMATION FROM VARIOUS COUNTRIES IN THE REGION
3. PES FROM ACROSS THE OCEAN
4. OTHER RELATED NEWS
5. UPCOMING EVENTS
6. NEW PUBLICATIONS, RESOURCES & TOOLS
THE EAST AND SOUTHERN AFRICA KATOOMBA GROUP COLLABORATES WITH COMPANIES IN UGANDA TO ASSESS FEASIBILITY FOR PAYMENTS FOR WATERSHED SERVICES (PWS)
Following the roundtable on Business and Ecosystems on July 25th in Kampala, Uganda, participating companies requested guidelines on how to assess the business case for investing in maintenance and restoration of the ecosystems on which they rely for core business operations. The East and Southern Africa Katoomba Group drafted a concept note proposing steps for businesses to follow in order to assess feasibility of PWS, which include:
- identify specific areas within targeted watersheds that contribute the most to the water problem (such as water shortages or poor water quality),
- assess where and how land use changes could be introduced to reduce and eventually eradicate the sources of water problems,
- develop a payment for watershed service pilot test of changed watershed management practices based on a cooperative agreement (or memorandum of understanding) between watershed upland service providers and downstream service users the company/businesses), whereby the upland providers would agree to carry out certain activities to ensure water quantity and quality in return for an agreed amount of money or form of compensation, and
- monitor and assess progress.
Discussions on the next steps are underway with the companies, and one of them has already expressed interest in moving ahead with the assessment . The East and Southern Africa Katoomba Group will facilitate the assessment process and document the findings.
. For more information on this initiative, please contact Alice Ruhweza; email@example.com.
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PAYING FOR BIODIVERSITY - SEA TURTLE ADOPTION PROGRAM IN KENYA SUPPORTS LOCAL ECONOMY
The Watamu and Malindi Marine Parks and Reserve of Kenya are important nesting and feeding grounds for endangered sea turtles. Though these parks were designated as a United Nations Biosphere Reserve in 1979, the turtles continued to face intense pressure from the local communities who use the turtle eggs and meat for food, oil for medicinal and spiritual practices, and shells for crafts. Growing coastal tourism development and marine pollution exacerbated sea turtle loss.
In response, the non-profit organization Watamu Turtle Watch (WTW) has launched a Sea Turtle Net Release Programme, which is an incentive scheme to encourage fishermen to release turtles which are accidentally caught in their nets. The fisherman are paid about USD $3 for reporting each caught–and--released turtle to the WTW and to compensate for any damage to their nets. WTW credits the incentive scheme, combined with an intensive education campaign, with raising the number of turtle releases from just 16 in 1998 to 544 in 2003. Funding for the incentive program has come largely from the WTW’s Adopt-A-Turtle program. For just USD $30, the adopter is allowed to name the turtle, is given a certificate of adoption, receives updates if the turtle is later re-caught, and is sent small, locally produced crafts that help support the local economy. In the past, such pay-for-biodiversity schemes based in developing countries have been stymied by the high costs and logistical problems of money transfers, but the WTW has overcome this obstacle by using Pay Pal. The payment scheme will not continue indefinitely, according to Steve Trott, the project coordinator, who says, "Payment will be reduced as education and awareness is increased to the point where it's phased out".
For more information see http://www.watamuturtles.com/ or http://www.adoptaseaturtle.com/ or contact: Mr. Steve Trott, Director Watamu Turtle Watch project at firstname.lastname@example.org.
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NEW AFFORESTATION/REFORESTATION CDM PROJECT IN THE GRASSLAND AREAS OF UCHINDILE, KILOMBERO, MAPANDA, & MUFINDI IN TANZANIA
A new afforestation / reforestation CDM project activity has been proposed for the southern part of Tanzania in the districts of Kilombero, Morogoro, Mufindi, and Iringa Region with the following objectives:
- To establish and manage forest plantations so as to contribute to the demand of high quality wood products from a sustainably managed forest;
- To sequester CO2 through forest planting in grassland areas, generating high quality emission reductions in greenhouse gases (GHG) that can be measured, monitored and verified from forest plantations, which could in turn encourage private investment in the forestry sector especially on grasslands and/or degraded lands.
- To promote environmental conservation, such as soil conservation, protection of water sources and enhancement of biodiversity through the protection and management of existing indigenous flora and fauna and where possible enrichment planting with indigenous species and fruits.
- To facilitate socio-economic development of the local communities through promotion of tree planting/forestation activities in the local communities; provide employment opportunities; generate income for the communities through the sale of carbon credits (10% of the benefits of all carbon credits will be used for community development projects)
- To develop infrastructure in the form of roads, buildings, water supply and communication systems, and
- To create employment to other Tanzanians apart from those in the village local communities.
To achieve these objectives, the proposed A/R CDM project activity will establish plantation forests at Uchindile which has a total area of 12,121 ha; of which approximately 9,000 ha will be planted; and, Mapanda which has a total area of 6,258 ha; of which approximately 4,450 ha will be planted. Planting will be done mainly with various exotic species, including different subspecies of Eucalyptus and Pinus Patula. In addition, some exotic and indigenous hardwood species and indigenous fruit tree species will be planted.
The idea for the project started in 1997, when the company realised that planting trees and fighting climate change go hand in hand. The first carbon modelling was undertaken by the staff of what was then called Escarpment Forestry Company. (Now known as Green Resources Limited). The company employed SGS (an international agency) to prepare training on carbon related issues. This was the real start of the carbon component of the forestry project. In early 2000 the objective of carbon sequestration became one of the formal objectives for the operations, but the planting had already started in 1997.
For more information and to read the project document, visit http://www.climate-standards.org/projects/files/PDD_GRL_version_26_July_rev_3.pdf
To submit comment on the project, please contact Joanna Durbin at email@example.com
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THE KITENGELA-MAASAI LAND LEASE PROGRAM IN KENYA LEAVES WILDLIFE FREE TO ROAM
The region south of Nairobi, known as the Kitengela, was once home to the second largest population of grazing animals in Africa. Though Nairobi National Park serves as a refuge for the grazers during the dry season, it is necessary for them to migrate to the south through the Kitengela during the wet season in order to find adequate food. The land of the Kitengela was originally managed as a large, communally-held seasonal grazing area by the pastoralist Maasai, but privatization of the land in 1988, and subsequent migration of non-Maasai into the area has led to its subdivision into crop land, permanent settlements and industrialized zones. The fragmentation, fencing and degradation of these grasslands have greatly impacted the ability of the grazing animals to migrate and have increased the incidence of human-wildlife conflicts for resources such as grasslands and water. A number of community-based conservation initiatives were attempted, but the diversity of interests from within the newly formed communities and a general fear that any conservation activity would lead to the taking of land for parks greatly hindered their success.
In 2000, the Friends of Nairobi National Park and The Wildlife Foundation decided to build on the commonly accepted practice of leasing grazing land and designed the Kitengela Land Lease Program. The program contracts with private landowners, who sign a Wildlife Conservation Lease, a contract stating that they will allow wildlife open access to some portion of their land. The landowners then receive three annual payments of about USD $4/ acre, which is approximately equivalent to what they would make from grazing livestock on the same land. The average household in the program makes a total of USD $400- $800.
For more information see http://www.nature.org/magazine/spring2007/features/
The program, which started in 2000 with just two landowners and 214 acres, has expanded to include over one hundred households and 8,500 acres. The goal of the program coordinators is to shift from one year to fifteen year contracts and to eventually include the entire 60,000 acres they estimate is necessary to maintain the annual wildlife migrations to and from Nairobi National Park.
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PROTECTED AREA TRADABLE VISITING QUOTAS IN TANZANIA?
On a trip to Africa in 2003, business professor Lars Christian Smith spent four weeks in Tanzania, exploring the bush with hunter-gatherers. Along the way, he met up with conservation officers at wildlife parks and preserves and heard a repeated lament. Small conservation areas were suffering from low funding. Two national parks, Ngorongoro Crater and Serengeti, subsidized all of the country's other parks.
So Smith started wondering: how could smaller conservation areas in Africa and elsewhere generate more revenue to keep themselves up and running; and how could larger areas capitalize on their popularity without ramping up people's impact on wildlife and wild lands? His answer: a novel idea to increase funding for conservation areas through a system of tradable quotas. This system would put daily visitor entry permits into a trading market, with each conservation area's visitor carrying capacity limiting the number of permits sold. As demand for a limited number of permits in a popular conservation area swells, prices rise, generating more money from permit fees for those who still choose to come, while encouraging visitors turned off by the price to explore more remote areas with less expensive permits. Revenues from the trading scheme could then boost biodiversity conservation in each participating area.
Mr. Smith proposes the introduction of Protected Area Tradable Visiting Quotas (PATVIQs). A cap—or total number of allowed daily visitor entries—would be used to limit the number of permits sold. Permits would be sold through an online auction in which price would be determined by demand. Interested buyers logging in to buy tickets to a favorite park would pull up a screen that looks similar to online air travel sites: a list of ticket prices offered by different protected areas. "The trick is to keep the whole thing simple," Smith says.
While the system would be simple for prospective buyers to use, these buyers would also be able to access detailed information about how the park distributes funds to protect biodiversity. "We basically want to make it visible to everyone buying an entrance ticket or quota [tradable permit] to see where the money is going," says Tames Rietdijk, a member of the PATVIQ Exchange advisory board.
The PATVIQs would be used to increase revenue for under-funded parks, and mitigate pressure on overcrowded ones. By requiring biodiversity tallies from member parks, more money could also be channeled to protected species. Mr. Smith also hopes that along with raising money for conservation, the proposal could also involve local communities, who are too often the losers when it comes to protecting natural areas.
The program would target parks and conservation areas in developing countries with private conservation areas and severely threatened public protected lands. Parks that suffer from hordes of snap-happy (and wildlife-stressing) tourists could let their popularity increase the ticket price to get consistent income with fewer visitors.
Looking Out for Locals
Local communities aren't usually compensated when land that they've traditionally been able to access gets walled off behind protected area boundaries. Protected land often rises in value, while nearby villagers have a smaller area in which to farm, collect firewood, or gather plants.
In a system where parks have a number of quotas to sell, local villages could get a certain percentage of the quotas to offset the loss of land access. The villages could then sell quotas for income, retain quotas as investments, or set up tourist-aimed businesses—guide services, for example—that use the quotas.
The proposal's initial phase will begin with five pilot sites—most likely in Africa, where there's growing awareness about conservation and biodiversity, Smith says. He'd like to start with small, private areas, because they can make decisions quickly if the system needs to be adjusted.
For a full version of this article visit http://ecosystemmarketplace.com/pages/article.people.profile.php?component_id=5120&component_version_id=7514&language_id=12
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IS PES IMPLEMENTATION PRESENTING TRADE OFFS BETWEEN CONSERVATION EFFICIENCY AND FAIRNESS?
Source: POLEX: CIFOR's Forest Policy Expert List server Fast and effective Policy alerts
Payment for Environmental Services (PES) has caught our collective imagination as a new tool for conserving forests, and rewarding the poor for their environmental stewardship. But in an essay recently published in Conservation Biology, CIFOR Scientist Sven Wunder warns that implementation of PES will present trade-offs between conservation efficiency and fairness. PES schemes will have to be efficient enough to provide real incremental benefits, yet also fair enough to be politically viable.
A PES scheme involves a voluntary, contingent agreement between a buyer and a seller of a well-defined environmental service. It is designed to bridge the gap between the private interests of landowners and the interests of other stakeholders--by compensating the former for foregone profits from less conservation-friendly land uses. For example, downstream beneficiaries of drinking water, hydro-electric power, or flood control services should be willing to pay upstream landowners in the watershed to conserve a standing forest -- and thus control erosion that threatens each of these services.
Wunder predicts that the most efficient uses of PES may offend our sense of justice, as they must be targeted to those who pose a credible threat to the environment. If a community is living in harmony with the forest, it seems fair to reward them for their exemplary environmental stewardship. Unfortunately, such payments would not "buy" any additional conservation, nor produce extra services, and thus the community would have difficulty finding buyers. By contrast, a rancher already clearing the forest might change his behavior if payments were more attractive than the profits he would receive from converting the forest to pasture.
Wunder suggests that PES are most likely to succeed in places where expected profits from alternative land uses are relatively low. Where forests are threatened by conversion to farmland to produce high-value commodities, such as soybean or palm oil, PES incentives sufficient to make conservation economically attractive would quickly exhaust available funds.
High transaction costs may limit PES's potential for poverty reduction. Wunder notes that transaction costs are highest when many smallholders are involved, property rights are weak, and the costs of information and service provision are high. Under such conditions, he suggests donors should subsidize the high start-up costs of PES, as per-hectare running costs may be low enough to justify the up-front investment.
Wunder's findings are timely in light of the current climate change debate about payments for Reduced Emissions from Deforestation and Degradation (REDD). While such payments will likely serve both climate and forest-related objectives, they will present tough choices between efficiency and fairness. The ideal PES recipient is not the environmentally benign community too poor to do much harm to the forest, but rather the guy who had enough capital to buy a chainsaw, and is on the verge of putting it to work. Does that sound fair to you?
If you would like to receive a free copy of the paper by Sven Wunder, please email Ligia Pereira at: firstname.lastname@example.org
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TRADE IN GREEN HOUSE GAS PERMITS AND CREDITS UP 45%
Source: Environmental Finance; 16 August: 2007
Volumes in the world's carbon markets were up 45% year-on-year to 1.2 billion tonnes in the first six months of 2007, according to research from Point Carbon. Carbon allowances and permits worth €15.8 billion ($21.2 billion) were traded in the first six months of 2007 compared with €22.5 billion in all of 2006, an increase of 41% in annualised terms, according to the Oslo-based analyst company.
In the UN-administered Clean Development Mechanism (CDM), involving projects in developing countries that limit or reduce GHG emissions, 372Mt CO2e was traded, to the value of €4.1 billion. The secondary market in issued CDM credits doubled from 40Mt and €571 million in all of 2006 to 80Mt and €1.3 billion in the first half of 2007.
The European Union's Emissions Trading Scheme (ETS) saw two-thirds of the traded volume, with the equivalent of 775 million tonnes (Mt) of carbon dioxide (CO2e) changing hands at a financial value of €11.5 billion. Most of the growth in trading was in forward contracts for the second phase of the scheme, which runs from 2008 to 2012.
For more information visit http://www.environmental-finance.com/onlinews/0816tra.htm
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LONDON BASED BROKERS MAKE HUGE PROFITS WHILE AFRICA STILL AWAITS BENEFITS FROM KYOTO
Source: Planet Ark; August 14, 2007
The Kyoto Protocol on global warming allows rich countries to meet greenhouse gas emissions targets by paying poor nations to cut emissions on their behalf, using the so-called clean development mechanism (CDM). But evidence is emerging that while brokers stand to make enormous profits, least developed nations, especially in Africa, will get next to nothing -- raising questions over whether Kyoto is fulfilling its social as well as environmental goals.
The text of the Kyoto Protocol calls for its carbon trading scheme to assist poor countries in achieving sustainable development. The text of Kyoto's umbrella treaty, the United Nations Framework Convention on Climate Change, says that action to combat climate change should help economic development, too. But action so far has seen the biggest potential profits going to London-based project developers, instead of projects on the ground, most of which are based in China and India.
In one of the biggest money-spinning projects yet, 10 investors including London-based Climate Change Capital and New York-based Natsource bought 129 million tonnes of carbon credits for 6.2 euros ($8.49) per tonne from two projects in China. The price of such carbon credits for guaranteed delivery closed at some 16 euros per tonne, implying potential profits for these investors of well over 1 billion euros.
Climate Change Capital revealed that it has a carbon credit portfolio of over 65 million tonnes, more than double Africa's entire registered portfolio of 32 million tonnes, according to data from Reuters (http://www.reutersinteractive.com/CarbonNews/67999).
Climate Change Capital also told Reuters that it had no registered projects in Africa, but had at least one in the pipeline.
Africa has seen just 21 out of a total of 751 CDM projects officially registered with the UN climate change secretariat. A common argument is that Africa has a tiny fraction of the world's carbon emissions, that these emissions are widely dispersed and so difficult to bundle into profitable projects, and that the continent has high investment risk.
But projects are slowly emerging.
The World Bank's International Finance Corporation formally launches later this month an initiative called "Lighting the Bottom of the Pyramid", which aims to supply low-carbon lighting to some of the 500 million Africans who have no electricity access. It aims to apply for carbon finance through the CDM, because solar power would replace higher carbon kerosene lamps used now.
UN Secretary General Kofi Annan launched last November in Kenya an initiative called the "Nairobi Framework" to try and increase the number of CDM projects in Africa.
Since then just 10 new projects have been registered in Africa, versus 348 extra elsewhere, UN data show, but the UN official leading the project defended progress so far.
UN agencies, the World Bank and the African Development Bank will pool resources for a joint CDM project, with details likely in October following a meeting in Ethiopia, he said.
For the full article visit http://www.planetark.org/dailynewsstory.cfm/newsid/43671/story.htm
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September 6 - 11, 2007
CDM TRAINING IN DAKAR, SENEGAL & GABARONE BOTSWANA
To provide African policymakers, NGOs and industry with useful and reliable information on CCS and the CDM, the Energy research Centre of the Netherlands (ECN), ENDA in Senegal and EECG Consultants in Botswana are organising two two-day workshops with a dual objective: To build capacity on the Clean Development Mechanism; and to improve regional knowledge on CCS as a climate mitigation option. The workshop will features a number of highly experienced local and international experts in the fields of CDM and CCS. The CCS-Africa project has kindly been funded by a consortium of Shell, Statoil, and the governments of Norway and the United Kingdom. The workshops are free of charge. Interested participants should register via the project website www.ccs-africa.org. The organizers still have some travel funding available for a very limited number of participants.
20-21 September 2007
9TH BIOECON CONFERENCE ON ECONOMICS AND INSTITUTIONS FOR BIODIVERSITY CONSERVATION,
Kings College Cambridge, UK. The conference will look at among others, institutions for payments for ecosystem services and valuation. Contact: Mare Sarr: email@example.com
31 October 2007
ONE DAY TECHNICAL CONFERENCE ENERGY AND SUSTAINABILITY
Cape Town, South Africa
For more information, contact Douw Willemse
November 22-23, 2007
INTERNATIONAL REGIME, AVOIDED DEFORESTATION AND THE EVOLUTION OF PUBLIC AND PRIVATE FOREST POLICIES IN THE SOUTH. PARIS, FRANCE
Towards an International Forest Regime through the Convergence of Public Policies and the Rise of Private Initiatives. For more information see www.iufro.org/events/rss/ -
13th – 15th November, 2007
CARBON MARKETS AFRICA - THE PAVILION CONFERENCE CENTRE, CAPE TOWN, SOUTH AFRICA
Including a Project Developer Coaching Seminar: Developing Successful CDM Projects
Pre-Conference Workshop, 13th November 2007. For more on these two events see http://www.greenpowerconferences.com/carbonmarkets/carbonmarkets_capetown07.html?gclid=CPzGxPqTjY4CFQQdEgodWD1gDw
3rd – 6th December, 2007
6TH TANZANIA WILDLIFE RESEARCH INSTITUTE ( TAWIRI ) SCIENTIFIC CONFERENCE
Arusha, Tanzania. Conference theme is "Consequences of Global Environmental Changes to Natural Ecosystems".
Abstracts are invited on the following conference sub themes;-
* Environmental changes and conservation.
* Biodiversity and Monitoring
* Wildlife diseases
* Human-wildlife Interactions
* Wildlife ecology and behavior
* Wildlife socio-economics and ecotourism
Deadline for submitting abstracts is: Friday August 30th, 2007. Abstracts should be sent to:
firstname.lastname@example.org . For more information see: www.tawiri.org
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IUCN AND WWF LAUNCH NEW WEBSITE ON BIODIVERSITY ECONOMICS
The World Conservation Union (IUCN) and the World Wildlife Fund (WWF) have launched a new website promising to make finding information, funding and people related to economic solutions to biodiversity conservation much easier. Housed on the site are a searchable library of relevant documents, a searchable database of specialists in the field, and a list of upcoming events. Perhaps best of all is a tool called "The Spider", that allows users to search for documents housed on over twenty other reputable websites with a single mouse click. Visit the Biodiversity Economics website at www.biodiversityeconomics.org
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Developing markets for watershed services and improved livelihoods
By changing land use, can market mechanisms help to improve water and enhance livelihoods at the
same time? This series of six country case studies provides in-depth information on the results of an action-research project led by IIED
Read more at <http://www.iied.org/pubs/newpubs.html> IIED new publications
Using Economic Incentives for Biodiversity Conservation
by Lucy Emerton, IUCN
This report serves as a concise and well-written manual for anyone interested in designing economic incentive programs for biodiversity conservation. it provides detailed information on how to design economic incentive programs at the community-level. And highlights case studies from around the world.
Read more at http://www.undp.org/biodiversity/biodiversitycd/economic%20incentives.pdfWatershed Valuation as a Tool for Biodiversity Conservation
How much is an endangered species worth? Two of the most difficult tasks in designing payment for ecosystems services from biodiversity programs are to first convince people that biodiversity provides valuable services and, second, to put a price tag on how much those services are worth. The Nature Conservancy has taken a different approach. They have put a value on the cleaner and more plentiful water that is produced as a result of conserving the upstream ecosystems that are also habitat for the endangered species they are trying to conserve. They use these numbers to convince downstream water users to support upstream conservation. While this report from the Nature Conservancy is not a manual on how to conduct watershed valuation, it does describe a series of case studies that illustrate how this process is used to promote biodiversity conservation.
Read more at www.nature.org/initiatives/freshwater/files/watershed_report_02_02_07_final.pdf -UK House of Commons Report on the Voluntary Carbon Offset Market
The House of Commons Environmental Audit Committee (EAC) recently published its report on the Voluntary Carbon Offset Market. The report hopes to establish clarity about the Voluntary Carbon Offset Market, as well as prompt a response from Government which will promote debate and understanding in this area. The EAC states that Government must work with the offset industry, businesses interested in offsetting, those working in the international Carbon Market and with NGOs (which should establish an independent, authoritative body to vet and quality mark those providing offsets, their credits and their projects). It was also suggested that the Offset industry should cover the majority of any costs, as it is seen that in the ensuing years they shall make their money back.
Read more at http://www.publications.parliament.uk/pa/cm200607/cmselect/cmenvaud/331/331.pdfBSR - Getting Carbon Offsets Right: A Business Brief on Engaging Offset Providers
This Business Brief provides managers with a four-part framework for approaching retail offsets: the Benefits and Costs of Offsetting; Selecting an Offset Provider; Partnerships with Offset Providers; and Resources for Learning...
Read more at www.bsr.org/CSRResources/Environment/ResourcesDocs/BSR_Getting-Carbon-Offsets-Right.pdfSeeing 'RED'? 'Avoided deforestation' and the rights of Indigenous Peoples and local communities
By Tom Griffiths
This paper studies the implications of various proposals for reduced emissions from deforestation and land degradation (REDD) for the many indigenous people and other forest-dependent communities. The report cautions that rapid expansion of REDD schemes without due regards to rights, social and livelihood issues brings many risks.
Read more at http://www.biodiversityeconomics.org/applications/library_documents/lib_document.rm?document_id=1106§ion_id=23Can payments for avoided deforestation to tackle climate change also benefit the poor? (2006)
By Leo Peskett, David Brown and Cecilia Luttrell
Avoided deforestation (AD) is a hot topic in climate change circles, including the United Nations Framework Convention on Climate Change (UNFCCC). Using financial incentives to reduce rates of deforestation and forest degradation in tropical countries has much to commend it, as deforestation is a major contributor to climate change. It might also offer additional benefits, such as protecting biodiversity, preventing soil erosion and protecting the livelihoods of forest dependent populations. This paper discusses the details of how such incentive schemes may be established and considers some of the issues from the perspective of host countries and the forest dependent poor.
Read more at >http://www.biodiversityeconomics.org/applications/library_documents/lib_document.rm?document_id=1103§ion_id=20Questioning rent for development swaps: new market-based instruments for biodiversity acquisition and the land-use issue in tropical countries (2007)
By Alain Karsenty
This paper explores the use of land-use acquisition in developing countries, and argues that the opportunity cost of conservation is usually higher than commonly estimated. Technical and ethical issues are raised to highlight the risks and opportunities associated with the principle of 'rent for development' swaps.
Read more at http://www.biodiversityeconomics.org/applications/library_documents/lib_document.rm?document_id=1087§ion_id=19
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