On 26 May 2010, Indonesian President Susilo Bambang Yudoyono (SBY) and Norwegian Prime Minister Jens Stoltenberg withnessed an agreement in Oslo under which Norway will invest in US$ 1 Billion forest conservation projects in Indonesia.
In return, Indonesia will suspend for two years new concessions for the conversion of peat and natural forests lands.
Part of the money will be spent on creating monitoring systems and pilot projects under as U.N backed forest preservation scheme called Reduced Emissions from Deforestation and Degradation (REDD) which allows developing countries to earn money by not cutting down trees and preserving Carbon-rich peat lands, seen as a key to slow climate change because forest soak up huge amounts of greenhouse gases.
To implement the deal, Indonesia must set up a new government agency that will prioritize and coordinate REDD projects.
On 30 December 2010, President SBY announced that the Province of Central Kalimantan has been selected as a pilot REDD province, however he has not sign a decree that will make the forest moratorium legally binding.
But until February 2011, President SBY has still not sign a presidential decree that would serve as a legal instrument to stop the conversion of forest land into commercial plantations and mining area.