Global forest facility

Subject: Environment

Section: Int Conventions

Context:

Brazil has proposed the Global Forest Facility to mobilise billions from existing funds at COP28 of UNFCCC.

Tropical Forest Forever Facility (TFFF):

Launched by- Brazil
It aims at mobilizing $250 bn to protect standing tropical forests in up to 80 countries.
The scheme would provide a guaranteed, long-term flow of resources for tropical forest conservation.
- The U.K. has committed £35 million to protect Amazon forests in Brazil.
To be eligible, the deforestation rate of a country must remain below a certain percentage and deforestation must be decreasing or less than a percentage.
Tropical forests provide an array of ecosystem services beyond carbon. The proposal recognizes the role of tropical rainforest conservation for biodiversity, carbon capture, and cooling effects, as well as its importance for social and economic development.
The Facility can be fully operational by COP30, which is to be held in Belém, State of Pará, Brazil.

Funding Mechanism:

Funds will come from sovereign wealth funds, and institutional investors among others.

Source: BI