Germany announces $650m fund to save Ecuador's rainforest
Germany has announced plans to fund Ecuador's scheme to protect its portion of the Amazon rainforest.
According to Point Carbon News, Germany will give Ecuador $650 million (£397 million) over the next 13 years to make ensure oil reserves in the Yasuni National Park are not developed.
The multimillion dollar fund is also aimed at helping the South American nation's transition into a low carbon economy as part of its efforts to combat climate change.
A spokesperson told Point Carbon: "The German government has pledged to transfer the first $50 million before the end of this year."
It is thought that the total amount needed to protect the rainforest region permanently is around $3.6 billion.
For its own part of the deal, Ecuador still has to raise an additional $310 million by the end of 2010.
The UK, Norway, Sweden and Italy have also promised to contribute to Ecuador's rainforest conservation scheme, although no definite agreements have been made.
According to Conservation International, due to the effects of deforestation, less than one per cent of Ecuador's rainforest remains unspoiled.
Written by Felipe Martinez
© Copyright
Bookmark this page:
