U.N. agrees multi-billion dollar framework to tackle deforestation

U.N. negotiators on Friday agreed rules on financing forest projects in developing nations, paving the way for multi-billion dollar investments from governments, funding agencies and private firms in schemes to halt deforestation, Reuters reported.

The agreement on "results-based" funding for Reducing Emissions from Deforestation and Forest Degradation (REDD) was a rare breakthrough at the climate talks in Warsaw, where negotiators are struggling to make progress in discussions on emissions cuts and climate change aid.

The deal was "another big step forward", said Ed Davey, the British minister for energy and climate change.

Under the new rules, the fledgling Green Climate Fund will play a key role in channeling finance for projects to host governments, who in turn must set up national agencies to oversee the money.

Money will flow into host-country coffers when they can prove they have reduced carbon emissions without harming local communities or biological diversity.

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