The World Bank has announced the launch of a US$280 million BioCarbon Fund Initiative, titled 'Sustainable Forest Landscapes,' to be funded by the Governments of Norway ($135 million), the United Kingdom ($120 million) and the United States ($25 million).
The initiative is intended to scale up sustainable land management (SLM) practices, including REDD+, which contribute to carbon sequestration and storage. Examples of activities that may be supported under the new initiative include improved livestock management, climate smart agriculture, sustainable forest management (SFM), and the promotion of markets for sustainably produced products.
In launching the initiative, the importance of engaging the private sector was emphasized. As such, a number of corporations have already been involved in the development of the initiative as potential suppliers of capital, technical expertise and operational resources. The participation of the private sector is also intended to incent the "forest-proofing" of commodity sources and markets.
The project will be launched with an initial portfolio of 4 to 6 projects in Africa, Asia and Latin America. The BioCarbon Fund is a public-private program housed within the World Bank and is meant to finance activities that sequester or conserve carbon emissions in forest and agricultural systems.