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Climate Finance Monthly Newsletter - Issue N°5 - April 2011
Deforestation and forest degradation are the second leading cause of global warming after the energy sector. To help Africa sustainably manage and conserve its forests—and financially benefit from their stored carbon—the African Development Bank (AfDB) is implementing two dedicated funds: the Congo Basin Forest Fund (CBFF), hosted by the AfDB, and the Forest Investment Program (FIP). Both of these relatively new funds work in concert with the UN’s Reducing Emissions from Deforestation and Forest Degradation program (REDD+), which gives incentives to developing countries to reduce emissions from forested lands and invest in low-carbon paths to sustainable development. Beyond carbon payments, REDD+ promotes other socio-economic benefits, such as jobs, livelihoods, land tenure clarification, development of non-timber forest products, enhanced participation in decision making, and improved governance.