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 introduced 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 Philippines aims to reduce greenhouse gas emissions by 75 per cent under the Paris Agreement from 2020 to 2030, with forestry and land use contributing to this goal.
Tropical Forest Forever Facility (TFFF)
COP30 host Brazil will launch the TFFF, a $125 billion blended-finance mechanism combining public, philanthropic, and private capital to pay forest countries for maintaining standing tropical forests.
- The TFFF will provide financial incentives for countries to preserve their tropical forests.
- Brazil, home to the Amazon, is a key player in this initiative, with the Amazon representing over half of the world's remaining rainforests.
Author's summary: Philippines to benefit from COP30's forest financing mechanism.
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