The REDD+ program is an effort to create a financial value for
the carbon stored in forests and is designed to help developing
countries reduce emissions from deforestation and invest in
low-carbon paths to sustainable development through financial
incentives provided by developed countries. Further, the initiative
is designed to work with the private sector to promote the
sustainable use of forest products and has received support from
industry participants such as Unilever, Mondelez and Bunge.
The REDD+ program has been in development since 2007 when the Bali Action Plan was announced following the
Conference of the Parties to the UNFCCC in Bali; however, major
funding was required to implement the program on a large
scale. Last week's initiative will allow some countries
to step up or engage in pilot programs and be provided compensation
for their emissions reductions while, perhaps more importantly,
demonstrating political will from developed countries to adopt
these climate change programs. Although significant funding is
still required to implement the program globally, discussions are
currently ongoing with regard to long-term financing options.
Canada has been active in its support of the REDD+ program in
recent years, contributing $71.5 Million to various REDD+ related
initiatives as part of its fast-start finance package since 2010.
Nevertheless, Canada has not yet announced that it will participate
in this new initiative and given the importance of the forestry
industry in Canada, it will be interesting to see Canada's
involvement in the program moving forward.
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Canada is a constitutional monarchy, a parliamentary democracy and a federation comprised of ten provinces and three territories. Canada's judiciary is independent of the legislative and executive branches of Government.
The Government of Alberta recently announced a number of policy changes that will impact the Alberta Electricity Market, composed of its generators, transmitters, distributors, retailers, electricity consumers and wholesale electricity market.
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