REDD+ Reducing emissions from deforestation and forest degradation

On December 11, 2015, in Paris, the Italian Ministry of the Environment signed the Memorandum of Understanding on the "co-operation to foster private sector involvement in supporting mitigation and adaptation to climate change, including forest management and enhancement of carbon reduction in sustainable development ", with the following countries:

• Ghana: Ministry of the Environment, Science, Technology and Innovation;
• Panama: Ministry of the Environment;
• Papua New Guinea: Ministry of the Environment, Conservation and Climate Change.

On May 15, 2017, in Bonn, the following country also signed the Memorandum:
• Dominican Republic: Ministry of the Environment and Natural Resources.

The Italian Ministry of the Environment will co-finance the activities approved under the Memorandum with an amount not exceeding 2 million Euro.

The agreement has two objectives:

• to promote the REDD+ approach, defined by the United Nations Framework Convention on Climate Change (UNFCCC) aimed at supporting developing countries in reducing greenhouse gas emissions in the atmosphere due to deforestation and forest degradation processes.
• to promote the implementation of financial instruments in order to mobilize and increase investments in the private sector, in the sustainable development and, the strengthening of public- private partnership,  with regard to forestry sector.

The Joint Committee, composed of representatives from all signatory countries, after 3 meetings (New York, 20 April 2016; Marrakech, 15 November 2016; Bonn, 15 May 2017) has approved the Mid-Term Working Plan with the purpose of facilitating private investments in REDD+ related activities through:

• the improvement of the regulatory framework in the countries involved;
• the establishment of financial mechanisms able of attracting private capital;
• the development of the National Forest Reference Emission Levels: the monitoring and reporting system for emissions associated with deforestation and forests degradation to be promoted in accordance with    UNFCCC decisions;
• projects of forestation and forestry protection.