Philippines' Potential Gain from COP30's Forest Financing Mechanism
The Philippines, a Southeast Asian country heavily affected 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 country’s current NDC mentions that forestry and land use will contribute to reaching its goal of reducing greenhouse gas emissions by 75 per cent under the Paris Agreement from 2020 to 2030.
COP30 host Brazil is set to launch the Tropical Forest Forever Facility (TFFF), a $125 billion blended-finance mechanism that combines public, philanthropic, and private capital to pay forest countries for maintaining standing tropical forests.
- The TFFF mechanism is expected to support countries like the Philippines in their efforts to reduce deforestation and promote sustainable forest management.
- The Philippines' inclusion of forestry sector targets in its updated NDCs is a step towards accessing the benefits of the TFFF mechanism.
Author's summary: Philippines may gain from COP30's forest financing mechanism.
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