COP30: World leaders pledge over $5b to protect tropical forests in record breaking deal
By Samuel Ogunsona
World leaders have pledged over $5b in historic landmark to support conservation of tropical forest.
The milestone came at the COP30 meeting which marked the official launch of the Tropical Forest Forever Facility (TFFF), a groundbreaking initiative aimed at protecting nature.
Irohinoodua heard that the facility has already garnered significant support, with Norway pledging $3 billion, Brazil committing $1 billion, and Indonesia following suit with a $1 billion pledge.
The Tropical Forest Forever Facility is designed to pay forest countries annually for keeping their forests standing, promoting sustainable forest management and conservation.
This innovative financing mechanism leverages both private and public dollars to yield returns for investors and performance-based payments for protecting tropical forests.
A key feature of the TFFF is its commitment to directing at least 20% of the funds to Indigenous communities and local communities, recognizing their crucial role in shaping and implementing the initiative.
The facility’s model is built on a $125 billion fund, which will be invested in emerging market bonds, excluding fossil fuels, coal, peat, and sectors linked to deforestation ³.
The TFFF aims to generate $4 billion annually to reward countries for preserving their forests.
This amount could nearly triple international non-reimbursable finance for forests, providing significant support for tropical forest conservation. With the potential to protect over a billion hectares of forest across more than 70 countries by 2030, the Tropical Forest Forever Facility is poised to play a critical role in global efforts to combat climate change and biodiversity loss.
