SPOTLIGHT – COUNTRY FOREST/NATURE PACKAGES ANNOUNCED
Yesterday, four countries home to tropical forests and vast carbon sinks which play a critical role in efforts to tackle climate change, announced country-led visions with new and innovative financing for forests and climate action, highlighting their commitment to achieving 2030 national and international forest targets.
The Democratic Republic of the Congo (DRC) announced its innovative “People, Forests and Nature: Partnership for the New Climate Economy (NCE) of the DRC” initiative, with USD 62M in support from public, private and civil society partners. Collaboration focuses on effective conservation, of DRC’s high value forests, private investment and accessing high social and environmental integrity carbon markets.
Papua New Guinea and initial international partners revealed a USD 100 million package for programmes, partnerships, and investments aligned with partners’ priorities across five areas, including scaling up protected areas, improving forest management, value chain and governance of forestry sector, reinforcing the long-term sustainable financing opportunities for forests, climate, and biodiversity, and supporting research.
The Republic of Congo, along with international partners, announced an ambitious vision to protect biodiversity and promote a sustainable economic model. A commitment of USD 50 million has been made to support key initiatives, including strengthening scientific research, expanding protected areas, supporting afforestation and reforestation, and raising awareness about the importance of preserving biodiversity and climate.
The Government of the Republic of Ghana and initial international partners announced USD 30M from partners plus an additional USD 50 million transaction from LEAF, for a package of initial programmes, partnerships, and investments aligned with partners’ priorities, capacities, circumstances, and contributions across four thematic areas including: (1) scaling carbon markets, (2) sustainable agriculture and mining, (3) nature-positive timber and restoration, and (4) enabling conditions that support a just transition, strengthened governance and integrated land use planning.
Other Announcements at The WCAS:
- Colombia launched its Vision and Portfolio for Climate Action and Socio-Ecological and Just Energy Transition, focusing on a socio-ecological and just energy transition.
- Saudi Arabia, France, the Global Climate Fund and the OPEC Fund launched a catalytic new nature finance hub was commitment of $1bn USD towards nature-based solutions with to mobilise private capital with focus on Asia Pacific Region.
- Norway announced $100m USD to support deforestation reduction in Indonesia. Norway’s Prime Minister Støre announced launch of new phase of its satellite program with Bezos Earth Fund to provide free high-resolution satellite data on tropical forests.
- The Business & Philanthropy Climate Forum saw three organisations – the Green Climate Fund, Allied Climate Partners, and Allianz Global Investors – agree to mobilise $5 billion in philanthropic, public and private funding to unlock long-term capital of $20 billion to advance climate and nature action
- The UK announced it was meeting the forest commitments made at Glasgow into action on the ground by £576 million new programming, which includes an additional £466 million beyond the £1.5 billion announced in Glasgow. This includes the UK’s flagship International Sustainable Forests and Land Use programme, which will use UK climate finance to leverage additional private investment in forests. It also includes an uplift in the UK’s contribution to the Amazon Fund and delivering the £90m Congo Basin Forest Action Programme.
- French President Emmanuel Macron pledged EUR 500M over the next four years to support forests protection efforts and announced the collaborative initiatives of France with Papua New Guinea, the Democratic Republic of the Congo, and the Republic of Congo, with the launch of the first Country packages for forests, nature, and climate, supported by the operational Seed Fund.
- Norway announced USD 100 million to support Indonesia’s efforts to reduce deforestation, with Prime Minister Støre recognizing President Jokowi’s leadership. This is in addition to the USD 5 billion Norway announced it has disbursed since 2008 to support forests and a commitment to continue this at high levels until at least through 2030. Prime Minister Støre also committed to launching a new phase of its satellite program with Bezos Earth Fund, an initiative that will provide free, high-resolution satellite data on tropical forests every month.
- Guyana, Ghana, and the UK have jointly developed a Roadmap for Scaling Investment in Forest Carbon Results and Credits, set to be published on December 9 at COP28.
- The LEAF Coalition announced the first transactions of JREDD credits totalling over $60M were agreed between Ghana, Costa Rica, and buyers.
- The Ocean Resilience and Climate Alliance (ORCA) was launched as a new collaborative effort with an initial commitment exceeding $250 million from various philanthropic entities, aimed at promoting ocean-based solutions for climate change.
- The Nature Positive for Climate Action campaign has reached over 150 since it was launched by Razan Al Mubarak last summer. This includes adopting science-based targets for nature, following guidance for food, and use and agriculture, and disclosing their impacts, risks and opportunities through the Task Force on Nature-Related Financial Disclosures, and addressing deforestation risk.
- The Urban Nature Program was launched to bolster nature-focused investments and integration in urban environments by providing financial and technical support to catalyse urban natural solutions. The initiative will spotlight over 20 pioneering cities and encourage a growing number of ambitious cities to integrate nature into their strategies
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