India seeks more money to reduce deforestation

Deforestation accounts for about 20 percent of global warming that leads to climate change and India has suggested that developing countries be paid more to reduce deforestation.
Seventy million acres of rainforests are going to be burnt down while over 10,000 delegates from 187 countries attend the UN Conference on Climate Change here Dec 3-14.
In a paper submitted to the United Nations Framework Convention on Climate Change (UNFCCC), India has proposed the concept of "compensated conservation" to compensate countries that reduce deforestation, stabilise forest cover and even conserve and increase it.
Since trees hold carbon dioxide, conserving and increasing the forest cover is a direct way to combat climate change which is caused mainly by the release of carbon dioxide into the atmosphere.
Though most of the carbon dioxide released into the atmosphere is by industrialised countries, they have been harping on the deforestation issue in an attempt to deflect attention. India has responded by saying developing countries will fight deforestation, but need monetary help to do so.
The paper prepared by India is now being considered at the climate change summit.
India says: "Nations with continued deforestation and now committing to reduce deforestation rates, and those having already taken up strong conservation measures and thereby stabilising and increasing forest cover against a pre-determined baseline, present a fit case to be rewarded under REDD (reducing emission from deforestation and degradation), as these efforts reduce the emission of carbon into the atmosphere and capture atmospheric carbon in the process."
Developed countries have agreed that developing countries have to be paid to reduce deforestation and to increase forest cover, but have suggested that this money come out of the clean development mechanism (CDM) prepared under the Kyoto Protocol to address climate change.
Aware that the CDM is meant mainly for technology projects and the money available under it is very small, India has proposed that REDD financing be kept out of the CDM fund.
"Developed country parties must deploy additional financial resources for the purpose," the paper from India says. "UNFCCC may create different financial instruments or apportion funds under the same instrument for different range of actions to be implemented by the countries according to their national circumstances such as reducing deforestation fund, stabilisation fund and forest carbon conservation fund."
India has said the creation of an "enabling fund to support capacity building and conducting pilot activities related to REDD activities for developing and least developed countries can also be considered."