On 1 November 2016, I wrote about the International Finance Corporation’s launch of a US$152 million bond. According to the IFC’s press release, the bond will “protect forests and deepen carbon-credit markets”. The reality is that the IFC is bailing out Wildlife Works’ Kasigau Corridor REDD project in Kenya, a project that had failed to raise enough money from sales of carbon credits. The carbon credits provide some green REDD froth on IFC’s business as usual.
“Efficient reduction in carbon emission has … been the raison d’être of REDD+. A hotly debated issue surrounding REDD+ is how much such measures should adhere to social safeguards, address equity concerns and provide other co-benefits beyond carbon storage, such as bio-diversity conservation and poverty alleviation.”