{"id":21976,"date":"2022-01-13T13:29:52","date_gmt":"2022-01-13T18:29:52","guid":{"rendered":"http:\/\/blogs.edf.org\/climate411\/?p=21976"},"modified":"2022-01-14T16:39:34","modified_gmt":"2022-01-14T21:39:34","slug":"whats-next-for-the-leaf-coalition-an-outlook-for-tropical-forest-protection-in-2022-and-beyond","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/climate411\/2022\/01\/13\/whats-next-for-the-leaf-coalition-an-outlook-for-tropical-forest-protection-in-2022-and-beyond\/","title":{"rendered":"What\u2019s next for the LEAF coalition? An outlook for tropical forest protection in 2022 and beyond"},"content":{"rendered":"

This post was authored by Rocio Sanz Cortes, Managing Director of Supply at Emergent. In 2019 EDF set up Emergent, the group facilitating LEAF, because we saw the need for a new, innovative financing facility that could catalyze a high-quality market for forest carbon\/jurisdictional REDD+ credits. EDF\u2019s Ruben Lubowski is a senior advisor for Emergent.\u00a0\u00a0<\/em><\/p>\n

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Amazon Canopy. iStock.<\/figcaption><\/figure>\n

Last year\u2019s\u202fCOP26 UN climate summit was\u202freferred to as\u202f\u201cNature COP,\u201d as forests and\u202fnature took a protagonist role.\u202fFinancial pledges to protect forests and reduce deforestation reached unprecedented volumes. In the first major formal deal of COP26, 100 leaders representing 85% of the world\u2019s tropical forests pledged to end deforestation by\u202f2030.\u202fThis agreement was\u202fbacked by\u202fthe Global Forest Finance Pledge\u202fwith\u202f$12 billion<\/a> in public funds and $7.2 billion in private money.\u202fThis funding will support actions such as restoring degraded land, tackling wildfires and advancing the rights of Indigenous people in tropical forest countries.<\/p>\n

Another key success of last year\u2019s global climate summit was the historic $1.7 billion pledge from governments and private funders to support Indigenous peoples and local communities. Direct financing for these groups underscores\u202ftheir essential role in\u202fforest\u202fstewardship.\u202fOther commitments announced at\u202fCOP26\u202fincluded\u202fthe Congo Basin Pledge<\/a>. Signed by more than 10 countries, the Bezos Earth Fund and the European Union, the pledge seeks to mobilize $1.5 billion to protect forests, peatlands and other critical carbon stores.<\/p>\n

Natural climate solutions include\u202fconservation, restoration and management of forests, grasslands and wetlands \u2013 which could\u202fprovide at least 20% of the emissions reductions and removals needed for the world to achieve net zero. Not only that, but they could also deliver socio-economic and environmental benefits\u202fbeyond carbon.\u202fWe are at a critical point for the future of the planet, and the pledges made at COP26 are game changers in keeping the planet\u2019s temperature increase from reaching catastrophic levels.<\/p>\n

LEAF\u2019s breakthrough commitments<\/strong><\/p>\n

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The\u202fLowering Emissions by Accelerating Forest Finance (LEAF)\u202fCoalition made two important announcements at COP26<\/a>. The first was a $1 billion commitment from LEAF\u2019s public and private sector participants to fund high-integrity, large-scale forest protection.\u202fLEAF includes the participation of\u202fNorway, the United Kingdom, the United States and\u202f19\u202fcompanies including Amazon, Airbnb, Bayer, Boston Consulting Group, Delta Air Lines,\u202fE.ON, GSK, McKinsey, Nestl\u00e9,\u202fPwC, Salesforce and Unilever.<\/p>\n

The second announcement focused on LEAF\u2019s engagement with tropical forest jurisdictions\u202f(countries, states, or provinces). Emergent<\/a>, the administrative coordinator of the LEAF Coalition, signed\u202fLetters of Intent\u202f(LOIs) with\u202fCosta Rica, Ecuador, Ghana, Nepal, and Vietnam,\u202fand a Memorandum of Understanding (MOU) with the Brazilian\u202fInterstate Consortium for Sustainable Development of the Legal Amazon. The signed LOIs and MOU send a clear signal that jurisdictions are\u202finterested in reducing deforestation and receiving payments.<\/p>\n

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LEAF Memorandum of Understanding signing ceremony with Brazilian states in the legal Amazon at COP26 in Glasgow, UK. Photo by Emergent.<\/figcaption><\/figure>\n

From commitments to action<\/strong><\/p>\n

These first jurisdictions will now\u202fenter\u202finto\u202fpurchase agreement discussions\u202ffor their emissions reductions\u202fwith LEAF Coalition\u202fbuyers.<\/p>\n

Through the LEAF Coalition, these jurisdictions\u202fmay receive\u202fpayments for\u202fsuccessfully reducing emissions\u202ffrom deforestation\u202fand forest degradation, provided\u202fthat\u202fthese\u202freductions\u202fare independently verified and\u202fvalidated\u202fagainst the high-integrity ART TREES standard.<\/p>\n

LEAF requires participating jurisdictions to align their\u202femissions reductions with their Nationally Determined\u202fContributions<\/a>\u202f(NDC)\u202fand their national REDD+ plans. These plans will take shape in the coming months, and may include the following examples:<\/p>\n