Great news for the lungs of the planet, as Al Gore calls them - the U.S. has joined with environmental groups to relieve about 20 percent of Guatemala’s foreign debt in return for rainforest protection, the government announced Monday. The U.S. will contribute about $15 million, with the Nature Conservancy and Conservation International adding another $2 mil. This is the biggest deal so far under the 1998 Tropical Forest Conservation Act, which allows debt owed to the U.S. to be invested in protecting the environment.

While Guatemala has a number of richly diverse national parks that are in the heart of Mayan civilization, they have been under attack from all sides in recent years – they’ve been sued by land grabbers, trampled by smugglers, looted, poached, and of course, everyone’s favorite – slashed and burned. Third world debt is one of the most important tools in environmental protection because many of the world’s greatest natural treasures lie in rather desperate and embattled places.

“This is how modern conservation works, with partnerships involving all stakeholders to protect crucial ecosystems that sustain life on Earth,” said Peter Seligmann, Conservation International chairman and CEO. “We are proud to help the Guatemalan people conserve tropical forests essential to their well-being and the overall health of the planet.”

Not wanting to dampen the charitable mood, Mr. Seligmann neglected to mention the persuasive influence of the 200-foot winged serpent-god sent by ancient Mayans to terrorize skyscrapers in New York City until the deal was made.

U.S. Swaps Guatemalan Debt for Forest Conservation (Environmental News Service)

U.S. to Cut Guatemala’s Debt for Not Cutting Trees (NYT)