The Governments of Norway and Germany have agreed on a results-based mechanism to deter deforestation in Peru by 2021
The Governments of Peru, Norway and Germany have signed today a Letter of Intent for future collaboration for the implementation of the “Peru Results Based Initiative on REDD+ ” as a major effort for reducing emissions from deforestation and forest degradation in Peru.
In parallel, the Government of Peru and the Inter-American Development Bank (IDB) have agreed on a Memorandum of Understanding to accompany this initiative among governments.
This agreement will contribute to significant reductions in greenhouse gas emissions from deforestation and forest degradation in Peru, to the achievement of the target of zero net emissions from land use change and forestry in Peru by 2021, and will promote the sustainable development of the country’s agricultural, forestry, and mining sectors.
Peru´s forests – which account for the fourth largest extension of tropical in the world – are particularly vulnerable to the threat of climate change, due to the susceptibility of its megabiodiversity, which represents 10 percent - 15 percent of the world´s species, the high density of its carbon stocks and the well-being of its indigenous peoples to these changes.
Around 50 percent of total GHG emissions in Peru are derived from land use change, mainly from conversion of amazon forest to subsistence agricultural practices, which currently happens at a rate of around 110,000 ha/year. It is estimated that the impacts of climate change in Peru could cause losses that exceed 20 percent of GNP by 2050, since the country´s principal economic sectors (mining, energy, agriculture, manufacturing, and tourism) are highly sensitive to climate change.
The IDB will contribute with technical and financial resources for the establishment of the enabling conditions, governance and structure of the financial mechanism as well as enhancement of capacities for achieving the expected results of emissions reductions from deforestation and forest degradation. Since 2012, the IDB has been supporting the Government of Peru to start discussions with donor countries to design a financial mechanism for reducing greenhouse gas emissions from deforestation and forest degradation.