MEDIA RELEASE
Released By:
Alexander Downer MP Australian Minister for Foreign Affairs and Malcolm Turnbull MP Australian Minister for the Environment and Water Resources
Australia will contribute AU$11.7 million ($US10 million) to the World Bank's new Global Forest Alliance to help protect the world's remaining great forests from deforestation and to reduce greenhouse gas emissions.
Australia is the first country to contribute to the new alliance.
Minister for Foreign Affairs, Alexander Downer, and Minister for the Environment and Water Resources, Malcolm Turnbull, announced this contribution at today's High Level Meeting on Forests and Climate in Sydney, attended by representatives from more than 60 governments and international organisations.
That Australia is hosting such an important event demonstrates our deep concern about the environmental problems created by deforestation.
This $11.7 million is funded under the $200 million Global Initiative on Forests and Climate - a practical response to climate change that will substantially reduce greenhouse gas emissions by tackling deforestation.
Our contribution will assist the World Bank to help developing countries to establish credible estimates of national forest carbon stocks, identify sources of forest emissions and develop incentives for conserving forests and investing in sustainable forest management.
The World Bank has extensive experience in managing carbon funds and developing innovative approaches to carbon financing. We share similar objectives in working with developing countries to conserve forests and promote reforestation.
Sound management of our forests is critical for the more than 1.6 billion people worldwide who depend on forests for their livelihoods, including for fuels, medicines and food. About 60 million indigenous people are almost wholly dependent on forests and about 13 million people worldwide are employed in the forestry sector. These generate forest products with a value of more than US$350 billion.
Tackling deforestation is one of the most cost-effective ways to reduce greenhouse emissions in the short term. Together with the World Bank we aim to set the stage for a long term, sustainable approach to addressing deforestation.
Media contacts:
Minister Downer: Malcolm Cole 02 6277 7500
Minister Turnbull: Brad Burke 02 6277 7640 or 0400 337 252