Guyana REDD+ Investment Fund (GRIF)
"Norway will be the first contributor to the GRIF, and will pay US$30 million into the fund when it is established, planned at the end of this month. The payment is in recognition of Guyana’s efforts to protect its 16 million hectare rainforest, and follows the memorandum of understanding signed by the two countries in November last year. Norway intends to pay up to US$250 million into the GRIF between 2010 and 2015, based on Guyana’s performance in avoiding greenhouse gas emissions from deforestation and forest degradation, as well as Guyana’s on-going and planned strengthening of inclusive and transparent forest management. Guyana will invest GRIF revenues to implement the country’s Low Carbon Development Strategy (LCDS). This will enable Guyana to place its forest under long-term protection, catalyze public and private investment for clean energy (to move virtually the entire economy away from fossil fuel energy dependence), and create new low carbon economic and employment opportunities for forest dependent communities and other Guyanese citizens. The process will be evolving with the full and effective participation of involved stakeholders, including indigenous peoples groups."