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 in Belém, Brazil.
The country plans to include forestry sector targets in its updated nationally determined contributions (NDCs) to reduce greenhouse gas emissions by 75% under the Paris Agreement from 2020 to 2030.
- COP30 host Brazil will launch the Tropical Forest Forever Facility (TFFF), a $125 billion blended-finance mechanism.
- The TFFF will combine public, philanthropic, and private capital to pay forest countries for maintaining standing tropical forests.
The Philippines' current NDC mentions that forestry and land use will contribute to reaching its goal of reducing greenhouse gas emissions.
Author's summary: Philippines may benefit from COP30's forest financing mechanism.
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