GEF Approves Four REDD+ SFM Projects in New Funding Window for Forests
The Global Environment Facility (GEF) has approvoved the first four projects to access incentive funds available for sustainable forest management (SFM) and REDD+ (reducing emissions from deforestation and forest degradation in developing countries, as well as conservation, sustainable management of forests and enhancement of carbon stock) under the GEF Incentive Mechanism for Forests.
The four projects in Azerbaijan, Belarus, Jamaica and Turkey will receive funding from the GEF for a total of US$19.3 million, including US$4 million from the Incentive Mechanism for Forests, supplemented by US$51.9 million of co-finance from other sources. The projects are expected to lead to enhanced protected area protection in nearly 200,000 hectares, and foster improved management practices in two million hectares of land. Altogether the projects will result in a reduction of more than 2.7 million tons of carbon dioxide emissions by avoiding deforestation and forest degradation, and will protect watersheds. They will also develop payment for ecosystem services (PES) schemes to benefit local forest communities and farmers. [GEF Press Release]