Philippines' Potential Benefit 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.
Tropical Forest Forever Facility (TFFF)
COP30 host Brazil is set to launch the TFFF, a $125 billion blended-finance mechanism combining public, philanthropic, and private capital to pay forest countries for maintaining standing tropical forests.
- Combines public, philanthropic, and private capital
- Pays forest countries for maintaining standing tropical forests
- Total funding: $125 billion
The TFFF is expected to support countries like the Philippines in their efforts to reduce deforestation and promote sustainable forest management.
Author's summary: Philippines may gain from COP30's forest financing mechanism.