Friday, 3 July 2009

US cuts Indonesian debt for forest protection

Personal note. No surprises then as to who gets a large chunk of the money. Anyone who has not read about Conservation International needs to get a copy of Green Inc. - soon. Why not check out Conservation International's assets on A mind-blowing $219,614,302 - yes, that's $219 million on deposit when species all over the world are being decimated. They spend a truly breathtaking $13 million on administration. Then, get this, the CEO is paid, ……………..wait for it, …………… $430,000 - and this may not include benefits. And then Charity Navigator gives them 4*s. Hmmnn.

Mind you, the $30 million mentioned below first has to pass through the greasy palms of the Indonesian government. I wonder if it ever will reach and benefit the environment; probably not - if the past is anything to go by.

The Indonesian government is about as committed to saving its environment as the Taliban are to peace.


US cuts Indonesian debt for forest protection

JAKARTA, Indonesia (AP) — Indonesia committed to the conservation of its dwindling tropical forests in a multimillion dollar debt-swap deal signed Tuesday with the American government, the U.S. Embassy said.

Jakarta's payments to Washington will be reduced by $30 million over the next eight years under the U.S. Tropical Forest Conservation Act, the embassy said in a statement.

The Indonesian government will donate the money it saves to the charities Conservation International and the Indonesian Biodiversity Foundation, which will deposit the money into a local forest conservation fund.

The agreement is the first of its kind in Indonesia and the largest ever under the debt-for-nature program set up by the United States in 1998, the statement said.

A dozen other countries have reached agreements worth $218 million, it said.

Indonesia agreed to "protect and restore" tropical forests, which are being torn down at an alarming rate for lumber, paper and oil palm plantations.

The loss of habitat is the main threat to endangered elephants, rhinos, orangutans and tigers on Sumatra island.

It was unclear what Indonesia's total debt to the United States is, but it has borrowed regularly to fund public financing.