LEAF Coalition announced
Part of: GS Prelims and GS -III – Conservation
- LEAF (Lowering Emissions by Accelerating Forest Finance) Coalition was announced at the Leaders Summit on Climate, 2021.
- It will be one of the largest ever public-private efforts to protect tropical forests
- It intends to mobilize at least USD 1 billion in financing to countries committed to protecting their tropical forests.
About LEAF Coalition
- It is a collective of the governments of the USA, UK and Norway.
- A country willing to participate would need to fulfil certain predetermined conditions laid down by the Coalition.
- The results-based financing model will be used in LEAF.
- The goal of net zero emissions cannot be reached without bold leadership from the private sector
- Tropical forests are massive carbon sinks and by investing in their protection will help in achieving Nationally Determined Contributions (NDCs)
- It is a step towards achieving the aims and objectives of the Reducing Emissions from Deforestation and Forest Degradation (REDD+) mechanism.
- Solve Development versus Ecological Commitment
Reducing Emissions from Deforestation and Forest Degradation
- REDD+ aims to achieve climate change mitigation by incentivizing forest conservation.
- It monetises the value of carbon locked up in the tropical forests of most developing countries, thereby propelling these countries to help mitigate climate change.
- REDD+ was created by the United Nations Framework Convention on Climate Change (UNFCCC).
- Tropical forests are closed canopy forests growing within 28 degrees north or south of the equator.
- They receive more than 200 cm rainfall per year, either seasonally or throughout the year.
- Temperatures are uniformly high – between 20°C and 35°C.
- Such forests are found in Asia, Australia, Africa, South America, Central America, Mexico and on many of the Pacific Islands.