Philippines' Potential Gain from COP30's Forest Financing Mechanism
The Philippines, a Southeast Asian country heavily impacted by deforestation, is expected to benefit from the forest financing mechanism introduced at COP30.
The country plans to include forestry sector targets in its updated nationally determined contributions (NDCs) to be announced at the upcoming United Nations climate talks in Belém, Brazil.
The Philippines aims to reduce greenhouse gas emissions by 75 per cent 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 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.
This initiative could potentially support the Philippines' efforts to preserve its forests and address deforestation.
Author's Summary
Philippines may benefit from COP30's forest financing mechanism to reduce deforestation.
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