STATEMENT: Forest and Climate Leaders’ Partnership and Forest-Related Funding at COP27
SHARM EL-SHEIKH (November 7, 2022) — Today at the UN climate negotiations in Sharm El Sheikh, Egypt, leaders from 26 countries and the European Union launched the Forests and Climate Leaders’ Partnership (FCLP) to fulfill the historic pledge made at COP26 in Glasgow to halt and reverse forest loss and land degradation by 2030. The FCLP, to be co-chaired by the United States and Ghana, will offer a way to enhance cooperation on delivery of pledges made in Glasgow, to scale ambition and to find innovative solutions to ongoing problems.
It was announced that public donors have already spent $2.67 billion of the $12 billion that governments pledged over a 5-years period to protect, restore and sustainably manage forests. In addition, at COP27 public and private donors pledged to mobilize a further $4.5 billion to advance these efforts. A 100% increase in the total amount of finance has been mobilized for the purchase of high-integrity emissions reductions credits as part of the LEAF coalition.
Recent WRI research confirms that forests have significant — and overwhelmingly positive — effects on climate stability beyond their widely recognized carbon storing and mitigating benefits.
Following is a statement from Craig Hanson, Managing Director of Programs at World Resources Institute:
“It is deeply encouraging that the new funding announced today puts countries on track to fulfilling the pledge to direct $12 billion toward forest-related programs over a 5-year period. We particularly celebrate a generous new financial commitment of one billion euros to forests and nature announced by Chancellor Scholz of Germany.
“We commend the United Kingdom for forming this partnership which keeps high-level political attention on fulfilling the historic pledges made in Glasgow to protect and restore forests. This new partnership also will be an important means for countries and other stakeholders to collaborate on delivering on their bold forest commitments and combat the climate crisis.”