I didn’t realize the significance of peatland carbon till George Soros (Founder, Open Society Foundations) broke it down with an example.
Indonesia has 1,000,000 acres of forest. ½ of this forest was logged. Not only was it logged, but canals were developed to float logs out of the forest. The water drained nutrients out of the peatland beneath the forest which subjected the forest to fire. Peatland can be 20m to 30m deep and is very carbon dense. The loss of this peatland has contributed to Indonesia being the number 3 carbon emitter after the US and China. When recently in Indonesia, Obama committed his support to Norway for partnering with Indonesia to protect the remaining peatland, but it is yet to be seen how the US will help finance these types of projects. Dan has been talking some about finance, this is the little I know about it. The US Center has had several side events related to fast start financing. The US claims they are “ramping up” financing for climate 300% and spending 10 times more on adaptation projects then previous years. The ramping up numbers are talking points that are repeated consistently esp. by Joe Alba. Many observers claim this money is double counted from other aid programs. Johnathan Pershing responded to this by claiming it is unclear how to define “new & additional money” but that the US is spending more than last year. Supposedly they will spend 1.7 billion over the next 3 years, 250 million devoted to forestry projects, but the word on the street is that only 20% of committed and expected funds are available on the ground.