Philippines' Potential Benefit 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 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.
- TFFF will pay forest countries for maintaining standing tropical forests, combining public, philanthropic, and private capital.
The Amazon, located in Brazil, represents more than half of the total area of remaining rainforests on the planet.
The Philippines, a deforestation-hit Southeast Asian country, may stand to gain from this mechanism.
Author's summary: Philippines may benefit from COP30's forest financing.
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