Philippines' Potential Benefits from COP30's Forest Financing Mechanism
The Philippines, a Southeast Asian country heavily affected by deforestation, 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, home to the Amazon, 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 globally.
- The Philippines may benefit from this mechanism, given its deforestation challenges.
The Philippines' inclusion of forestry sector targets in its NDCs and the launch of the TFFF at COP30 may provide opportunities for the country to address its deforestation issues and contribute to global climate goals.
Author's summary: Philippines may gain from COP30's forest financing mechanism.
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