Guyana and Norway Establish Guyana REDD+ Investment Fund
13 July 2010: The President of Guyana and Prime Minister of Norway announced the establishment of the Guyana REDD+ Investment Fund (GRIF) for reducing emissions from deforestation and forest degradation in developing countries, including conservation, sustainable management of forests and enhancement of carbon stocks (REDD+).
Norway will contribute US$30 million upon establishment of the fund, and will contribute up to US$250 million between 2010 and 2015, based on Guyana's performance. Guyana is expected to use the funds to implement a low-carbon development strategy, which includes protecting national forests, moving towards clean energy, and creating low-carbon employment and economic opportunities for forest-dependent communities. Norwegian Prime Minister Jens Stoltenberg commended Guyana on its plans "to invest heavily to move its economy onto a long-term low carbon trajectory," noting that "this is good for Guyana and good for the world." The two countries have invited the World Bank to act as the fund manager. [Office of the Guyanese President Press Release]