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Going Green to Get Out of Debt
June 30, 2009 1:39 PM
ABC's Jerika Richardson reports from New York:
In an effort to help save some of the world’s disappearing tropical forests the United States is offering Indonesia some much needed debt relief.
Today, the Indonesian government signed a “debt-for-nature swap agreement” with the U.S. “under the Tropical Forest Conservation Act that will reduce the Indonesia’s debt payments by nearly $30 million over eight years,” the U.S. Embassy in Jakarta said.
According to a statement released by the embassy, the Indonesia government has agreed to use the $30 million saved to support grants for tropical rainforest conservation organizations, Indonesian Biodiversity Foundation and Conservation International .
This deal is the first ever in Indonesia’s history and it’s also groundbreaking for the U.S. because it stands as the “largest debt-for-nature swap of its kind thus far,” it said.
Indonesia’s Sumatra Island has tropical forests which are home to hundreds of endangered bird, plant, and mammal species like the Sumatran tiger, elephant, and rhino which only exist on the island.
However, the growing demand for palm oil, lumber and paper have left Sumatra particularly vulnerable to deforestation “which contributes about 80% of Indonesia’s carbon emissions; Indonesia has the world’s third highest rate of carbon emissions,” the statement said.
The U.S. believes these conservation pacts will help preserve biodiversity. “Indonesia is one of the most biologically diverse countries on earth,” U.S. Ambassador Cameron R. Hume said. “Funds generated by the debt-for-nature program will help Indonesia protect critical forest habitats in Sumatra.
Twelve other countries have signed similar agreements under the Tropical Forest Conservation Act and combined “will generate over $218 million” for tropical rainforest protection, said the embassy.
June 30, 2009 | Permalink | Share | User Comments (3)
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I think this is a very interesting program, since it hits two birds with one stone, and two very different birds at that.
Posted by: Imee | Jul 1, 2009 2:26:01 AM
Thanks for sharing this information. This seems like a smart thing to do. Not what I would have expected, but smart nonetheless. Thanks again.
Posted by: Debt | Jul 6, 2009 12:33:56 AM
This a great move by the U.S government of reducing the Indonesia’s debt payment and in the process also helping to preserve the biodiversity of Indonesia Tropical Forest.I think the world world is aware of the global warming. so in a situation like this the debt-for-nature swap agreement will really open eyes to lot of countries.Also this will help to balance the economy of the country.Also this will help a lot of people to get out of Debt.
Posted by: Adamsmith | Nov 7, 2009 3:52:17 AM
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