Macquarie Group Ltd
(ASX:MQG), World Bank member, the International Finance Corporation, and a forest management firm have joined forces to raise $US25 million for forest carbon projects.
According to Reuters the funds have been raised under a programme called Reduced Emissions from Deforestation and Degradation.
The UN-backed programme is designed to reward poorer nations for preserving and replanting carbon-rich forests.
Macquarie has told Reuters that the bank is confident that it has raised sufficient capital to successfully have a significant footprint of forest carbon projects.
Macquarie Group recorded a $989 million net profit in the 2011 financial year.
