Wednesday, October 28, 2009

"Brazil eyes deeper CO2 cuts, backs U.N. forest plan" and "Brazil to get $16 bln annually in carbon credits from UN-REDD "

From Reuters:
Brazil's Environment Minister Carlos Minc said on Tuesday that the government is studying deeper emissions cuts than previously announced and that it favors a U.N.-backed forest preservation scheme....
..."Our proposal has evolved, we're looking at a 40 percent reduction over 2020 levels," Minc told a news conference in the capital Brasilia....MORE
The Chinese government house organ helpfully provides some detail not in the Reuters story. From China Daily:
The inclusion of UN Reducing Emissions from Deforestation and Degradation (REDD) programme in anew agreement to extend or replace the Kyoto Protocol could generate between 8 billion and 16 billion U.S. dollars annually in carbon credits for Brazil, the Brazilian Association of Carbon Market (Abemc) said on Monday.

Currently, the UN-REDD is not covered by the Kyoto Protocol, which recognizes only the carbon credits for the recovery of lost areas or reforestation in areas where there were no forests....