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 to be discussed at COP30.
The country will include forestry sector targets in its updated nationally determined contributions (NDCs) to be announced at the upcoming United Nations climate talks, COP30, in Belém, Brazil.
The current NDC mentions that forestry and land use will contribute to reaching the goal of reducing greenhouse gas emissions by 75 per cent under the Paris Agreement from 2020 to 2030.
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.
The TFFF will provide financial incentives for countries to preserve their tropical forests, which could benefit the Philippines in its efforts to reduce deforestation.
Author's summary: Philippines may benefit from COP30's forest financing mechanism.