The announcement took place during the World Leaders Summit on November 2 as part of the UN’s Climate Change Conference (COP26) in Glasgow. The LEAF Coalition (Lowering Emissions by Accelerating Forest Finance) said it has mobilized $1 billion USD for countries and states committed to increasing ambition to protect tropical and sub-tropical forests and reduce deforestation.
First five forest countries to work with LEAF
In addition, it became clear that the LEAF Coalition will sign Letters of Intent with its first five forest countries: Ecuador, Costa Rica, Ghana, Nepal and Vietnam.
– I’m very happy that LEAF is now entering into Letters of Intent with Ecuador, Costa Rica, Ghana, Nepal and Vietnam. By so doing, these countries have committed themselves to high ambitions for reduced emissions, robust requirements for environmental integrity and the inclusion of affected population groups. It is important to mobilise funding for the forest countries’ efforts to reduce deforestation, which in turn is crucial if we are to succeed in achieving the climate targets, says Barth Eide.
New companies joining LEAF
Through the LEAF coalition, companies and countries come together to secure large-scale financing for tropical forest countries that succeed in preserving their forests. Norway, the USA and the UK cooperates with several of the world’s largest companies, such as Amazon, Nestlé and Unilever.
In Glasgow, seven new companies joined, including Walmart and Blackrock. The LEAF coalition has already mobilized $ 1 billion, and more than 30 countries and states have submitted proposals for cooperation.