Word: schemings
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...forests by allowing rich nations to pollute. "We need to find ways to stop burning fossil fuels, not create massive new loopholes to allow the pollution to continue," says Jakarta-based Chris Lang, who runs the website REDD-Monitor. "Carbon-trading does not reduce emissions." Lang believes funding REDD schemes through offsets or other market-based mechanisms would be a "disaster." Still, if all goes to plan, Ulu Masen could be the first REDD scheme to sell forest credits...
...Money Tree Ulu Masen received a boost last year when U.S. bank Merrill Lynch pledged to invest $9 million over four years. "That gave the project a lot more certainty," says Dorjee Sun, chairman of Sydney-based firm Carbon Conservation, which is helping Aceh's provincial government devise the scheme. "It showed there was appetite from investment banks to buy these credits." Merrill Lynch calls Ulu Masen "the world's first commercially financed avoided deforestation project." Money has been followed by political muscle: a year later, Arnold Schwarzenegger of California, along with the governors of Wisconsin and Illinois, signed...
...brakes on species extinction. REDD could "fundamentally change conservation [in tropical countries] and provide benefits for mammals at a scale we've never seen before," writes its lead author Oscar Venter. If REDD's champions seem almost religious in their support, it is partly because the scheme appears to contain so many holy grails. Done right, its advocates say, REDD will alleviate poverty, preserve rain forests, protect endangered species and do more to avert catastrophic climate change than grounding jets and banning coal. It also offers a rare partnership between two disparate and often conflicting worlds: capitalism and conservation. With...
...Into the Wild There are several unique aspects to Aceh that have allowed the scheme's creators to blaze a trail. First, a decades-long separatist insurgency by the Free Aceh Movement (GAM) saved the province from the logging frenzy seen across the rest of Sumatra. "If you went into the forest back then there was a chance you'd get shot," says Matthew Linkie, an FFI technical manager based in the province's capital Banda Aceh. (See "COP15: Climate-Change Conference...
...Since then, two auditors of Satyam's accounting firm, PricewaterhouseCoopers (PwC), have been sitting in an Indian jail, accused of abetting the scheme. Narayana, the CBI deputy director general, said there was evidence indicating their involvement but declined to elaborate. Following the release of the CBI report, a PwC spokeswoman declined comment; the accounting firms top India executive in March denied any of its employees were involved in wrongdoing...