World Bank launches forest carbon fund

The World Bank has launched its plans for a US$300 million fund to fight global warming by preserving forests, Reuters reported on Tuesday.

The new financing mechanism was unveiled at the UN-led climate talks in Bali, and aims to turn better forest management into a tradeable commodity.

"If we don't focus on retaining the world's remaining tropical forests, we drastically narrow the options for reducing greenhouse gas
emissions," World Bank President Robert Zoellick was quoted as telling the project's launch.

But protesters say the plans could risk depriving indigenous people of their homes and turning their ancestral land into an asset for the rich.

"While the facility can be a good thing, we are very apprehensive on how this will work because of our negative historical and present
experiences with similar initiatives," Reuters quoted Victoria Tauli-Corpuz, chair of the UN Permanent Forum on Indigenous Issues, as

See full story