“Germany pledges $650 million climate fund”
businessGreen.com, September 2, 2009
“Germany will provide Ecuador with $650 million over the next 13 years to aid adaptation to a low carbon economy through avoided deforestation and the prevention of oil extraction. Ecuador must raise $310 million by 2011 to keep oil rigs from drilling Yasuni national park believed to contain 20 per cent of the country’s reserves. The government believes a minimum investment of $3.6 billion is needed to protect the area permanently, 50 per cent less than the state would receive from drilling permits. UK, Italy, Norway and Sweden have pledged to contribute to the fund but have made no firm pledges. Ecuador’s scheme does not qualify to generate Kyoto credits but can produce voluntary offsets which may be eligible for future compliance.”
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