Delegates at the climate talks in Bali are close to reaching an agreement on guidelines for a pay-and-preserve scheme for forests to combat global warming, according to Indonesia's foreign minister. The scheme, known as Reduced Emissions from Deforestation in Developing Countries (REDD), could potentially allow poor nations to earn billions of dollars by trading carbon credits for preserving forests. Deforestation in the tropics is a major contributor to man-made carbon dioxide emissions, and it is crucial to protect remaining forests as they play a significant role in absorbing CO2. The UN Climate Panel warns that global warming caused by CO2 will lead to rising sea levels, glacier melting, and extreme weather events. Developed countries are showing enthusiasm for the importance of forests in addressing climate change, as noted by Indonesia's Foreign Minister Hassan Wirajuda. Developed countries and countries with large forest areas have agreed to work together to create a world map, with participation from not only governments but also institutions such as universities and research bodies. Curbing deforestation is a major concern for the delegates at the Bali conference, as the current U.N. climate pact, the Kyoto Protocol, does not provide incentives for developing nations to protect tropical rainforests. The REDD scheme, which is being considered, would allow developing nations to earn carbon credits that can be purchased by wealthier nations to offset their own emissions. However, there is disagreement on whether future discussions on deforestation should also consider other types of land use, a proposal supported by the United States but opposed by many developing nations. The official informed Reuters that the suggestion may shift the focus away from forests, complicate the plan, and delay its implementation. The Bali meeting has currently agreed to support individual countries in conducting projects to assist them in getting ready for REDD, while also deciding to further study the issue. The World Bank has introduced a $300 million plan to combat global warming by preserving forests, which includes a $100 million fund to aid around 20 countries in preparation for large-scale forest protection plans. The grants will cover projects such as assessing current forest resources, implementing monitoring systems, and improving governance. Additionally, a second $200 million fund will enable some countries to carry out pilot programs that earn credits for reducing deforestation. Indonesia, a strong advocate for REDD, ranks among the top three countries in terms of greenhouse gas emissions due to deforestation, peatland degradation, and forest fires. This information comes from a report supported by the World Bank and Britain's development arm earlier this year. Indonesia has over 225 million acres of forest, making up about 10 percent of the world's remaining tropical forests, as reported by rainforestweb.org.