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Guyana REDD+ Investment Fund (GRIF) Established

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Friday, 22 October 2010

Guyana REDD+ Investment Fund (GRIF) Established

The Guyana REDD+ Investment Fund (GRIF) was established today and the first payment from Norway to the Fund of approximately US$30 million* is now being processed. The GRIF is the financial mechanism for the ongoing cooperation on climate change between Guyana and Norway. Norway will pay for Guyana?s performance on limiting greenhouse gas emissions from deforestation and forest degradation,and for progress made against governance-related indicators. Guyana will invest the payments it receives, and any income earned on them, in its Low Carbon
Development Strategy (LCDS).The Governments of Guyana and Norway have asked the World Bank to act as the  Trustee of the GRIF. Norway?s payments to Guyana may amount to approximately  US$250 million over the period to 2015, depending on Guyana?s performance  according to a methodology set out by the two countries in November 2009. On November 9, 2009, Norway and Guyana set out a joint partnership to ?work together to provide the world with a working example of how partnerships  between developed and developing countries can save the world?s tropical  forests.? The partnership is based on the concept of ?payment for ecosystem services? and aims to contribute to the creation of a global regime to assign economic value to standing forests.
The establishment of GRIF is a core part of the partnership between Guyana and Norway. It aims to create a potential model for climate finance that ensures Guyanese sovereignty over LCDS decisions at the same time as demonstrating  adherence to internationally accepted standards, such as financial, social and environmental safeguards.

Source: Guyana's Low Carbon Development Strategy