The debate about the World Bank’s lending on forests is heating up after the Independent Evaluation Group’s review was leaked last week. The IEG report is very critical of the World Bank’s record in the forestry sector, particularly the fact that the Bank’s involvement in forests has failed to address poverty and has not benefited…
The forests in the Congo Basin, the second largest area of tropical forest in the world, are receiving increasing interest. Enormous amounts of carbon are stored in these forests, meaning that REDD proponents are increasingly looking at these forests to “offset” continued pollution in the rich countries.
The Australian carbon trading company Shift2Neutral aims to become “the leading neutraliser of carbon emissions in the world”. The company appeared to come closer realising its aim this week when Reuters reported that Shift2Neutral “signed a deal aimed at protecting tropical forests in the Democratic Republic of Congo as well as boosting renewable energy there”.
The Congo Basin forest is the second largest in the world after the Amazon. It accounts for one quarter of the world’s remaining tropical forest and covers an area of 1.8 million square kilometres. Clearly, whatever comes out of Copenhagen on REDD has to work in the Congo Basin.