INDONESIA BANS FOREST CUTTING FOR TWO YEARS
In a financial deal with Norway, Indonesia has agreed to set a two-year moratorium on new permits to clear primary forests and peatlands. The deal, which took effect Friday, will protect 158 million acres of trees from logging and conversion into plantations. As part of the Reducing Emissions from Deforestation and Forest Degradation program, Norway will pay a fixed sum per ton of CO2 emissions Indonesia prevents through forest protection. The agreement could yield up to $1 billion. However, the agreement allegedly fell short of some projections.