The Green Climate Fund has promised developing nations it will ramp up efforts to help them tackle climate challenges as they strive to recover from the coronavirus pandemic, approving $879 million in backing for 15 new projects around the world…The Green Climate Fund (GCF) was set up under U.N. climate talks in 2010 to help developing nations tackle global warming, and started allocating money in 2015….
Small island states have criticised the pace and size of GCF assistance…Fiji’s U.N. Ambassador Satyendra Prasad said COVID-19 risked worsening the already high debt burden of small island nations, as tourism dived…The GCF approved in August 2020 three new projects for island nations, including strengthening buildings to withstand hurricanes in Antigua and Barbuda, and installing solar power systems on farmland on Fiji’s Ovalau island.
It also gave the green light to payments rewarding reductions in deforestation in Colombia and Indonesia between 2014 and 2016. But more than 80 green groups opposed such funding. They said deforestation had since spiked and countries should not be rewarded for “paper reductions” in carbon emissions calculated from favourable baselines…. [T]he fund should take a hard look at whether the forest emission reductions it is paying for would be permanent. It should also ensure the funding protects and benefits forest communities and indigenous people…
Other new projects included one for zero-deforestation cocoa production in Ivory Coast, providing rural villages in Senegal and Afghanistan with solar mini-grids, and conserving biodiversity on Indian Ocean islands. The fund said initiatives like these would create jobs and support a green recovery from the coronavirus crisis.
Excerpts from Climate fund for poor nations vows to drive green COVID recovery, Reuters, Aug. 22, 2020
BBC has used satellite data to assess the severity of fires in Brazil, Indonesia, Siberia and Central Africa. It has concluded that although fires in 2019 have wrought significant damage to the environment, they have been worse in the past. More than 35,000 fires have been detected so far in 2019 in East Asia spreading smoky haze to Malaysia, Singapore, the south of Thailand and the Philippines, causing a significant deterioration in air quality. But this is substantially fewer than many other years including those, such as 2015, exacerbated by the El Nino effect which brought unusually dry weather.
In Indonesia, peatland is set alight by corporations and small-scale farmers to clear land for palm oil, pulp and paper plantations, and can spread into protected forested areas. The problem has accelerated in recent years as more land has been cleared for expanding plantations for the lucrative palm oil trade. Old palm trees on plantations that no longer bear fruit are often set on fire to be replaced by younger ones.
The number of recorded fires in Brazil rose significantly in 2019, but there were more in most years in the period 2002 to 2010. There is a similar pattern for other areas of Brazilian forestry that are not part of the Amazon basin. For 2019, we have data up to the end of August, and the overall area burnt for those eight months is 45,000 sq km. This has already surpassed all the area burnt in 2018, but appears unlikely to reach the peaks seen in the previous decade… “Fire signals an end of the deforestation process,” says Dr Michelle Kalamandeen, a tropical ecologist on the Amazon rainforest. “Those large giant rainforest trees that we often associate with the Amazon are chopped down, left to dry and then fire is used as a tool for clearing the land to prepare for pasture, crops or even illegal mining.”
The environmental campaign group Greenpeace has called the fires that have engulfed the Russian region of Siberia this year one of the worst outbreaks this century. The cloud of smoke generated was reported to have been the size of all the European Union countries combined. Forest fires in Siberia are common in the summer, but record-breaking temperatures and strong winds have made the situation particularly bad. Russia’s Federal Forestry Agency says more than 10 million hectares (100,000 sq km) have been affected since the start of 2019, already exceeding the total of 8.6 million for the whole of 2018…. Drawing on data for the number of fires, it is clear that there have been other bad years, notably in 2003.
Nasa satellites have identified thousands of fires in Angola, Zambia and DR Congo.However, these have not reached record levels. “I don’t think there’s any evidence that the fires we’re seeing in Africa are worse than we’ve seen in recent years,” Denis McClean, of the UN Disaster Risk Reduction agency, told the BBC. According to data analysed by Global Forest Watch, fires in DR Congo and Zambia are just above average for the season but have been higher in past years. In Angola, however, fires have been reported at close to record levels this year.
Some have drawn comparisons with the situation in the Amazon, but the fires in sub-Saharan Africa are different. Take DR Congo – most fires are being recorded in settled parts of the country’s southern, drier forest and savannah areas, and so far not in tropical rainforest. Experts say it is difficult to know what is causing these fires, which are seasonal. Many are likely to be on grassland, woodland or savannah in poor farming communities. “Fires are very important landscape management tools and are used to clear land for planting crops,” says Lauren Williams, a specialist in Central and West African forests at the World Resources Institute.
Excerpts from Jack Goodman & Olga RobinsonIndonesia haze: Are forest fires as bad as they seem?, BBC, Sept. 19, 2019. For more details and data see BBC
A revolutionary new approach to measuring changes in forest carbon density has helped scientists determine that the tropics now emit more carbon than they capture, countering their role as a net carbon “sink.”*
“These findings provide the world with a wakeup call on forests,” said scientist Alessandro Baccini, the report’s lead author….Forests are the only carbon capture and storage ‘technology’ we have in our grasp that is safe, proven, inexpensive, immediately available at scale, and capable of providing beneficial ripple effects—from regulating rainfall patterns to providing livelihoods to indigenous communities.”
Using 12 years (2003-2014) of satellite imagery, laser remote sensing technology and field measurements, Baccini and his team were able to capture losses in forest carbon from wholesale deforestation as well as from more difficult-to-measure fine-scale degradation and disturbance …from smallholder farmers removing individual trees for fuel wood. These losses can be relatively small in any one place, but added up across large areas they become considerable.
[T] he researchers discovered that tropics represent a net source of carbon to the atmosphere — about 425 teragrams of carbon annually – which is more than the annual emissions from all cars and trucks in the United States.
Launched on November 1, 2016, the Forests Bond will provide investors the opportunity to invest in a traditional financial product that offers the unique option of receiving interest payments in the form of environmental impact — in this case, verified carbon credits generated through REDD, an initiative that rewards landholders for protecting forests, thereby reducing carbon emissions that worsen climate change. The development of the bond is a collaboration of the International Finance Corporation (IFC), a member of the World Bank Group, and BHP Billiton with technical support from Baker & McKenzie and Conservation International (CI).
REDD (short for Reducing Emissions from Deforestation and forest Degradation), which offers financial incentives to landholders in tropical countries to keep their forests standing, has met with mixed success since its launch in 2005, in part because the lack of a carbon market left it dependent on voluntary action and bereft of the certainty needed to attract private funding.
“If you look at the scale of the problem, roughly US$ 100 billion to 300 billion needed to cut deforestation by half over the next decade, it’s clear that we need to mobilize private institutional investors, who control vastly greater amounts than public or philanthropic aid can deliver,” said Agustin Silvani, Conservation International’s vice president of conservation finance. “The REDD mechanism has mostly excluded them because it required specific carbon expertise or a specific interest in forests to engage with it.”
The Forests Bond supports a REDD project in Kenya, and investors can choose between a cash or carbon credit coupon (the interest received from the bond), or a combination of both. This unique element of the bond is made possible by the price support that BHP Billiton**is providing, which means that investors can either 1) elect to take the carbon credits to offset corporate greenhouse gas emissions or 2) sell them on the carbon market, or 3) take a traditional financial return instead. This provides the certainty needed to attract institutional investors while still generating verified reductions in deforestation, in the form of REDD credits…
The REDD project that the Forests Bond will support takes place in the Kasigau Corridor in eastern Kenya….Forest protection activities include forest and biodiversity monitoring, funding for community wildlife scouts, forest patrols, social monitoring and carbon inventory monitoring. Community development activities include reforestation of Mount Kasigau; establishment of an eco-charcoal production facility; support to community-based organizations; and expanding an organic clothing facility.
The bond is listed on the London Stock Exchange and has raised US$152 million from institutional investors.
**BHP Billiton is providing a price support mechanism of US$12 million that ensures that the project can sell a pre-defined minimum quantity of carbon credits every year until the Bond matures, whether or not investors in the Bond elect to receive carbon credit coupons.
Excerpt from Bruno Vander Velde New bond aims to unlock private investment to protect forest, Reuters, Nov. 1, 2016 and BHP Billiton and IFC collaborate on new Forests Bond, Press Release of BHP Billiton, Nov. 1, 2016