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Norwegian aid-financed guarantee to coax Wall Street firms into a new tropical forest carbon market

News October 25, 2023 / By: Ann Danaiya Usher

The Norwegian Climate Ministry has signed a NOK 2.5 billion agreement for a guarantee scheme that aims to kick start a market in tropical forest carbon credits, targeting Wall Street giants like Amazon, Unilever, and Nestlé. Norway and the United Kingdom, also a funder, are offering countries a guaranteed price of USD 10 per tonne for carbon credits. But this new market is moving slowly, and Norway is getting impatient.

Amazon HQ cropped.jpg

Norwegian aid financing aims to mobilise billions of dollars in capital from companies like Amazon for tropical forest protection.  Photo of the Amazon Spheres, company headquarters in Seattle   (Photo: Amazon)

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