From: mongabay.com
Prince Charles of Great Britain has emerged as one of the world’s highest-profile promoters of a scheme that could finally put an end to destruction of tropical rainforests.
The Prince’s Rainforest Project, launched in 2007, is promoting awareness of the role deforestation plays in climate change—it accounts for nearly a fifth of greenhouse gas emissions. The project also publicizes the multitude of benefits tropical forests provide, including maintenance of rainfall, biodiversity, and sustainable livelihoods for millions of people. But the initiative goes beyond merely raising awareness. Prince Charles is using his considerable influence to bring political and business leaders together to devise and support a plan to provide emergency funding to save rainforests. The money would provide a financing bridge for tropical countries to begin taking steps necessary to reduce deforestation— a prelude to a broader U.N.-backed mechanism (known as REDD for Reducing Emissions from Deforestation and Degradation), which would compensate developing countries for their progress in protecting their forests.
“If deforestation can be stopped in its tracks, then we will be able to buy ourselves some much-needed time to build the low carbon economies on which our futures depend,” Prince Charles states on his web site. “I have endeavored to create a global public, private and NGO partnership to discover an innovative means of halting tropical deforestation. Success would literally transform the situation for our children and grandchildren and for every species on the planet.”
The “emergency package” would provide potentially billions of dollars a year and provide what it is hoped will be a bridge to a fully functioning REDD scheme. Such interim funding would likely come through commitments from developed nations, with money potentially raised through auctioning of carbon emission permits in national cap-and-trade systems, a levy on the catastrophe risk component of insurance premiums, or surcharges on emissions-generating products including commodities and aviation fuel. Additional financing might come in the form of a “rainforest bond,” a fixed income security that would provide upfront cash for rainforest conservation initiatives and low-carbon development; in return such bonds would offer investors a fixed rate of return together with the repayment of the principal on maturity some 15-years after issue. Governments of developed country would guarantee the bonds, which would be repaid from a portion of the revenue generated in future carbon markets as well as returns from clean development investments.
The Prince’s Rainforest Project, which has pitched the concept to insurers, pension funds, and private equity firms, has found strong institutional interest in the proposal. Political support also appears to be growing—heads of state and other government leaders formed a working group to study the concept after meeting with Prince Charles on the eve of the G20 summit in April. But broader support for the idea of saving rainforests is also critical. Thus the Project has launched a mass market advertising campaign—centered around an animated frog and celebrities—to engage the general public.
Tony Juniper is one of Britain’s best-known environmentalists and Special Adviser to the project. Trained as an ornithologist, Juniper served as the executive director of Friends of the Earth (England, Wales and Northern Ireland) from 2003-2008 before becoming an independent adviser on sustainability and the environment. In that capacity he works with the Cambridge University Program for Sustainability Leadership to help companies improve their environmental performance. Juniper also writes extensively, publishing several books and numerous articles. He writes a weekly column for the Sunday Times and is editor-in-chief of National Geographic’s new Green Magazine.In a September 2009 interview with mongabay.com, Juniper spoke about the Prince’s Rainforest Project.