Commonwealth News and Information Service (London)
28 January 2008
Commonwealth Environment ministers will discuss the benefits of 'carbon financing' when they meet in February 2008
Commonwealth Environment ministers will meet next month in Monaco to look at how carbon financing can best be used to protect forests. They will also discuss the political and capacity constraints countries face when developing carbon finance initiatives.
The meeting, which is being held under the auspices of the Commonwealth Consultative Group on Environment, will take place alongside the 10th special session of the Governance Council of the United Nations Environment Programme on 20 February 2008.
Ministers will review the Commonwealth's work on climate change and also consider a presentation on 'The Potential and Challenges of Forest Carbon Finance for Commonwealth Countries,' which has been prepared by the Commonwealth Secretariat. The paper examines how 'carbon financing' can contribute to sustainable forest management.
Commonwealth countries have a total of 810 million hectares of forests - more than a fifth of the world's total. About 25,000 square km of these forests are cut down every year, leading to growing concern about the adverse effect on the environment.
When forests are burned, or exploited for commercial purposes, large amounts of carbon are released into the atmosphere. Avoiding deforestation and, therefore reducing these emissions would go along way in combating climate change.
'Carbon financing' is seen as one of the most promising mechanisms for increasing investment in forestry and reducing greenhouse gas emissions. It could make it possible for countries to keep their forests, which would otherwise be cleared, in exchange for payment from industrialised countries looking to reduce their carbon emissions.
Nevertheless, the Secretariats' paper notes that reducing deforestation cannot be viewed as a stand alone measure.
"It is vital to confront market, policy and governance failures," states the paper, which also stresses the need for the poor to benefit both from improved governance and direct payments from industrialised states.
Environment ministers will also discuss the Lake Victoria Commonwealth Climate Change Action Plan which was adopted by Heads of Government at their recent biennial meeting in Kampala, Uganda.
This plan stated that "serious deterioration of the environment is a threat to the well-being of the current and future generations", and calls for action to mitigate the negative effects.
The Commonwealth's work on climate change involves engaging stakeholders to develop awareness, understanding and political will, as well as providing technical assistance to member governments.
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