Today is “Finance” Day at COP26, and the US Center celebrated LEAF (Lowering Emissions by Accelerating Forest Finance Coalition). The coalition includes the USA, UK and Norway, with support from large corporations, including Amazon, Airbnb, Blackrock, Walmart, and Nestle. In their first year, they have raised $1bn. Twenty-three countries have prepared proposals on how to prevent deforestation in their countries, in exchange for financial help. LEAF is hoping to increase the fund several fold in the next few years.
The Special Presidential Envoy for Climate, John Kerry, started off the discussion by reminding us that forests and other nature-based systems have the ability to provide 1/3 of total mitigation by 2030. This must be the “decade of decision, implementation and action …. Otherwise we blow through 1.5C.” The panel included leaders from Ecuador, Ghana, and Nepal, who are three of the first five countries who have signed Letters of Intent (LOI) with LEAF. All three leaders were positive about the new financing possibilities, and the Ecuadorian leader suggested that biodiversity is the new currency.
Related, in the first days of the COP, 110 leaders promised to end deforestation by 2030, and the represented countries cover 85% of the world’s forest. $14bn of funding has been secured. However, LEAF is poised to begin more immediate action, and emphasizes that the next decade is critical.
In other meetings with indigenous peoples, there was some skepticism towards the pledge to protect forests. Are companies simply paying for carbon credits and continuing with business as usual? Are the rights of indigenous peoples to their lands being upheld? At the COP Presidency Dialogue on the LCIPP, one of the audience members warned about the “commodification of Mother Earth and Father Sky.” If biodiversity is the “new currency,” it seems they have a point.
No comments:
Post a Comment