Jakarta (ANTARA News) - The United States government and the Indonesian Ministry of Forestry launched a new rainforest standard for carbon credits in West Bali National Park on Thursday, according to the US Embassy here on its website.
Based on long-standing collaboration between the University of Indonesia and Columbia University in the U.S., the Rainforest Standard is the worlds first carbon credit standard to fully integrate requirements for carbon accounting, socio-cultural/socio-economic impacts, and biodiversity.
This partnership harnesses science and innovation to provide financial resources to cover management expenses for the National Park in order to slow deforestation rates.
This is the first time the Rainforest Standard has been launched in Asia, putting Indonesia at the forefront of carbon emissions reduction efforts.
In his remarks at the launch, United States Agency for International Development (USAID) Mission Director Andrew Sisson highlighted how scientific collaboration between the U.S. and Indonesia can help to address the challenge of global climate change and noted this cooperation as an example of a new way of doing business, bringing private, public, and donor institutions together to solve development challenges.