JAKARTA, Feb. 7 (Chinese media) -- The Indonesian government plans to issue regulations that set out detailed arrangements of business mechanisms and financing schemes before awarding permits for forestry carbon projects processing Reduction Emissions from Deforestation and Degradation (REDD), the Jakarta Post reported on Saturday.
Through REDD, which is an international mechanism, forest-rich regions can receive funds from industrialized countries to repair destroyed forest and maintain the integrity of virgin forest, while industrialized countries can receive credits indicating they have lowered emission levels.
However, the Indonesian Forestry Ministry said many local authorities had gone too far in the carbon-trading business by offering up their forests to carbon brokers and international organizations in a bid to cash in quickly on the new scheme.
"We have identified more than 20 REDD-related projects on the starting blocks, especially in Kalimantan, Sumatera and Papua provinces. But the central government will not issue permits until we have regulations in place," said the Ministry's Head of Research and Development Tachrir Fathoni.
The REDD, an international mechanism adopted at the 2007 Bali climate change conference, was expected to take effect after 2012 when the emissions reduction commitment in the 1992 Kyoto Protocol expires.
Tachrir said many carbon brokers and international NGOs had been approaching local authorities to develop the REDD projects.
"But we are hoping local administrations will show some restraint and wait for mechanisms from the (central) government. If they don't, they might not benefit from the financial incentives from the REDD business," he said.
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