Philippines' Potential Gain 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 host Brazil will launch the Tropical Forest Forever Facility (TFFF), a $125 billion blended-finance mechanism.
- The TFFF will pay forest countries for maintaining standing tropical forests, potentially benefiting the Philippines.
The TFFF combines public, philanthropic, and private capital to support forest conservation.
As a deforestation-hit country, the Philippines may stand to gain from this mechanism, supporting its efforts to reduce emissions and protect its forests.
Author's summary: Philippines may benefit from COP30's forest financing mechanism.
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