The Philippines is eyeing to be among the first nations to access performance-based funding under the new Tropical Forests Forever Facility (TFFF) to protect its forests and fight climate change, according to the Department of Environment and Natural Resources (DENR).
The TFFF is led by the United Nations Development Programme (UNDP), World Wide Fund for Nature (WWF), and the Global Alliance of Territorial Communities.
Natural Resources Undersecretary Analiza Rebuelta-Teh said the country is ready to join the global program during the New York Climate Week.
According to DENR, between 2001 and 2022, the Philippines lost P1.42 million hectares of tree cover to land conversion and extreme weather.
However, government tree-planting and community forestry programs helped increase forest cover from 6.8 million hectares in 2010 to 7.22 million hectares in 2022.
Meanwhile, the new TFFF program pays up to $4 per hectare for standing natural forests, while excluding artificial commercial tree plantations.
“Citing UNEP’s State of Finance for Forests report, Undersecretary Teh pointed out that annual global forest investment must surge from $84 billion to $300 billion by 2030, leaving a $216 billion annual gap,” based on DENR’s article.
“Officially launched at COP30 in Belém, Brazil, the TFFF addresses this shortfall by offering predictable payments of up to $4 per hectare for standing tropical forests, targeting a $10-billion capitalization goal by late 2026 with over $7.3 billion already mobilized.”
Money earned from keeping forests intact will be used to fund more local planting and protection projects.
Teh added that at least 20% of the funding will go directly to Indigenous Peoples and local communities who protect the land.—Poliana Canuday, Contributor