Philippines' Potential Gain 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 to pay forest countries for maintaining standing tropical forests.
The TFFF combines public, philanthropic, and private capital to support forest conservation.
- The Philippines, a deforestation-hit country, may benefit from this mechanism.
- The TFFF could support the country's efforts to reduce greenhouse gas emissions and promote sustainable forestry practices.
Author's summary: Philippines may gain from COP30's forest financing mechanism.
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