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August 29, 2002
August 29, 2002 - WASHINGTON, D.C. - Time magazine's special report on "How to Save the Earth" highlights the efforts of Covington & Burling to help preserve tropical forest in Peru. An article in the August 26 issue by Los Angeles Bureau Chief Terry McCarthy describes a debt-for-nature swap transaction that will reduce the sovereign debt of the Government of Peru and help conserve over 27.5 million acres of tropical forest, an area larger than the State of Virginia. Stuart Irvin and Steve Hess acted as counsel to Conservation International, The Nature Conservancy and World Wildlife Fund in the transaction.
The article also notes Covington's expertise in the emerging market for carbon sequestration credits. Time quotes Irvin on the Kyoto Protocol's market based mechanisms that will create economic incentives to restore forest land and thereby reduce levels of atmospheric carbon dioxide. "This would reverse a trend in human history," says Irvin. "Suddenly land is more valuable with trees on it than logged."
For more information, please contact Stuart Irvin, 202.662.5129 or Noël Decker, 202.662.6361.