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EPA JOURNAL. 1990 Jul-Aug; 16(4):20-2.Approximately 1/3 of the signatories of the Montreal Protocol on ozone depletion were developing countries lacking the resources to pay for its implementation. Germany announced at 25% reduction of carbon dioxide emissions by 2005, the Netherlands, the UK, and Japan promised similar steps. The southern hemisphere has to reduce emissions with improved technology from the northern hemisphere, as 45% of greenhouse gases are generated there. There is need to finance such initiatives: $20-50 billion a year is required by 2000 to help these countries. The world Resources Institute proposed a green investment fund for the environment or Ecovest. It was first proposed in eastern Europe by the Nordic Environmental Finance Corporation (NEFCO) in 1990 with an initial capital of $47 million. The US Overseas Private Investment Corporation set up a $100 million for-profit Environmental Investment Fund for eastern Europe and the developing world for sustainable agriculture, forest management, eco-tourism, renewable energy, and pollution prevention. Debt-for-nature swaps between nongovernmental agencies and governments to purchase debt at discount have been paid in bonds for nature conservation in Bolivia, Ecuador, Costa Rica, the Philippines, Zambia, and Madagascar. $69 million of Costa Rica's debt was converted in 2 years to save parks, protected areas, and finance reforestation. The debts of some African countries have been written off by donor countries. The Bush Administration proposed to write off parts of Latin America's $7 billion debt. The Global Environment Fund of the World Bank proposed to lend $300-400 million a year for environmental projects in developing countries and in eastern Europe. The main goals are to protect the ozone layer, prevent deforestation and desertification, and clean up pollution. Some companies finance reforestation in Guatemala to offset their own emissions.