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Tuesday, 10 August 2010

Guyana and Norway Establish Guyana REDD+ Investment Fund

The President of Guyana and Prime Minister of Norway announced the establishment of the Guyana REDD+ Investment Fund (GRIF) for reducing emissions from deforestation and forest degradation in developing countries, including conservation, sustainable management of forests and enhancement of carbon stocks (REDD+). Norway will contribute US$30 million upon establishment of the fund, and will contribute up to US$250 million between 2010 and 2015, based on Guyana's performance. Guyana is expected to use the funds to implement a low-carbon development strategy, which includes protecting national forests, moving towards clean energy, and creating low-carbon employment and economic opportunities for forest-dependent communities. Norwegian Prime Minister Jens Stoltenberg commended Guyana on its plans "to invest heavily to move its economy onto a long-term low carbon trajectory," noting that "this is good for Guyana and good for the world." The two countries have invited the World Bank to act as the fund manager.

Source: Office of the President of Guyana