Philippines' Potential Gain from COP30's Forest Financing Mechanism
The Philippines, a Southeast Asian country heavily affected by deforestation, is expected to benefit from the forest financing mechanism to be discussed at COP30.
The country plans to include forestry sector targets in its updated nationally determined contributions (NDCs) to be announced at the upcoming United Nations climate talks in Belém, Brazil.
The forestry and land use sectors will contribute to reaching the goal of reducing greenhouse gas emissions by 75 per cent under the Paris Agreement from 2020 to 2030.
COP30 and the Tropical Forest Forever Facility
COP30 host Brazil will launch the Tropical Forest Forever Facility (TFFF), a $125 billion blended-finance mechanism combining public, philanthropic, and private capital.
- The TFFF will pay forest countries for maintaining standing tropical forests.
- Brazil is home to the Amazon, which represents more than half of the total area of remaining rainforests on the planet.
Author's summary: Philippines may benefit from COP30's forest financing mechanism.