The Friends of the Earth reveals that new projects being readied in expectation of an agreement on "Reducing Emissions from Deforestation in Developing Countries" (REDD) are set to do more harm than good. indigenous peoples and local communities are being marginalised in the development of these schemes. Meanwhile corporations and major investors are intent on reaping huge financial rewards at the cost of local communities. Large transnational corporations including BP, Shell and energy companies are homing in on REDD as a new business opportunity.
Many of the projects on the ground and most of the proposals in the UN talks link REDD to carbon markets. This would also allow the privatisation of forests to generate carbon credits so that rich industrialised countries could buy the right to pollute. Furthermore, these pilot projects and a weak UN definition of forests could allow continued logging and the replacement of old growth natural forests with industrial tree plantations.
"...case studies show that a race is underway by corporate investors to profit from forestry schemes which will do nothing to reduce emissions and would harm local communities." Friends of the Earth International Climate Justice Program Coordinator Joseph Zacune said.
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