On April 20, the Administrative Board of Peru’s REDD+ Financial Mechanism was formally established and subsequently approved the mechanism’s operational manual. This enables the transfer of USD 10 million to Profonanpe, Peru’s environmental fund, to continue the efforts to deliver on the Joint Declaration of Intent on climate and forests between Peru, Norway, Germany, the United Kingdom and USAID. The declaration seeks to reduce greenhouse gas emissions from deforestation and forest degradation and to promote sustainable development in Peru.
The Joint Declaration of Intent has supported the implementation of a range of important environmental policies in Peru, including the expansion of several large national parks; granting of indigenous peoples rights to significant forest areas in the Amazon; development of an innovative program where the government gives indigenous communities support to take care of the forests; the creation of indigenous territories that protect several isolated indigenous groups; the strengthening of regulations to prevent the conversion of forests to farmland and the creation of a national alliance for sustainable and deforestation-free production.
The joint declaration of intent was entered into between Peru, Norway and Germany in 2014. In May 2021, the cooperation was extended until 2025 and expanded with the United Kingdom and USAID (as an observer) also joining the partnership. Under the renewed declaration, Norway has promised to support Peru with up to approx. USD 37.5 million (NOK 375 million) annually as payments for reduced deforestation in accordance with the independent ART standard.
Peru has the world’s fourth largest intact rainforest – twice the area of Germany – and more than 60% forest cover. This makes the country extremely important for the global climate and for the conservation of biological diversity.