Philippines' Potential Benefits from COP30's Forest Financing Mechanism
The Philippines is expected to include forestry sector targets in its updated nationally determined contributions (NDCs) at the upcoming COP30 in Belém, Brazil.
The country aims to reduce greenhouse gas emissions by 75% under the Paris Agreement from 2020 to 2030, with forestry and land use contributing to this goal.
COP30 and the 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 aims to support forest conservation efforts.
- Brazil, home to the Amazon, will lead this initiative.
The Philippines may benefit from the TFFF, given its deforestation challenges.
Author's summary: Philippines may gain from COP30's forest financing mechanism.
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