On Tuesday, 9 December 2008, I visited the Sheraton Hotel for an event titled “Making Forests Competitive: Practical solutions for permanence”. Organised by the legal firm Norton Rose, in association with the UNEP Finance Initiative and Carbon Markets and Investors Association, the event looked at the possibilities for the insurance industry to insure forest carbon. The principle is simple. There are lots of risks associated with storing carbon in forests. If you are buying or selling carbon you want a contract and want it to be insured. While insurance cannot prevent the carbon being released to the atmosphere, it can insure against financial loss, thus making financing forest projects more attractive to investors. The point of insurance is “de-risking investment in forests”, as Phil Cottle from ForestRE put it.
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