The recent launch of the Lowering Emissions by Accelerating Forest Finance (LEAF) Coalition has sparked significant interest due to its ambitious goals and strategy. The coalition, which was announced at the Leaders Summit on Climate 2021, aims to be one of the largest-ever public-private initiatives to protect tropical forests. Partnering with multiple governments and transnational corporations, the LEAF Coalition is pledging to mobilize a minimum of USD 1 billion to support nations committed to preserving their tropical forests.
Key Points About the LEAF Coalition
The LEAF Coalition hinges on collaboration between international governments, such as the USA, United Kingdom, and Norway, along with several influential transnational corporations, including Unilever plc, Amazon.com, Nestle, Airbnb, and others. Any country interested in partnership must meet predetermined conditions outlined by the Coalition.
Financial Support and Results-Based Financing
Economic backing for the initiative will come from a results-based financing model. This model emphasizes work done by the Environmental Defense Fund over two decades, coordinating with Indigenous communities, forest-dwelling populaces, both Brazilian and US NGOs, among other partners, to safeguard the Amazon and worldwide tropical forests. Performance will be measured according to the TREES Standard (The REDD+ Environmental Excellence Standard).
Significance and Potential Impact
This developmental strategy targets several critical areas. Firstly, it fosters private leadership in achieving net-zero emissions by leveraging its scale, investment capacity and political power.
Investment in tropical forest preservation not only increases carbon sinks but also assists in achieving Nationally Determined Contributions (NDCs) under the Paris Agreement. It also advances the objectives of Reducing Emissions from Deforestation and Forest Degradation (REDD+).
The financial incentive is key to reconciling development needs with ecological commitments, especially in developing nations. Furthermore, the goal of ending tropical and subtropical forest loss by 2030 aligns with global climate, biodiversity, sustainable development goals, and the welfare of Indigenous peoples and other forest communities.
Reducing Emissions from Deforestation and Forest Degradation
REDD+ is a mechanism that seeks to mitigate climate change by incentivizing forest conservation. It quantifies the value of carbon locked in developing countries’ tropical forests, thereby encouraging these nations to contribute to climate change management.
Tropical Forests
Tropical forests are found within 28 degrees north or south of the equator, known for their high rainfall and temperatures. They can be located in Asia, Australia, Africa, South America, Central America, Mexico, and many Pacific Islands.
Indian Context
India’s total forest cover makes up 24.56% of the country’s geographical area. However, observations by the Global Forest Watch indicate that India lost around 38.5 thousand hectares of tropical forest between 2019 and 2020, a 14% reduction of its tree cover.
Several steps have been taken towards forest conservation, including the Indian Forest Policy introduced in 1952 and the National Forest Policy in 1988, both aimed at increasing forest cover and maintaining ecological balance. In addition, the Compensatory Afforestation Fund Management and Planning Authority (CAMPA Funds) was set up, alongside several forest governing legislations. Despite these measures, deforestation continues to be a significant concern, requiring more focused efforts like the LEAF Coalition.
