A new incentive paradigm could help preserve the world’s forests
With this year’s global summits on biodiversity and climate change done and the one on desertification fast approaching, the consequences of the climate emergency are evident everywhere. The World Bank Group is also working to turn the vast potential of carbon markets into an income stream for developing countries that are committed to reducing emissions and conserving their forests. One solution is the proposed Tropical Forest Forever Facility, a large performance-based mechanism that would use blended finance to generate financial returns and reward countries for protecting their standing forests. Instead of carbon credits, the TFFF would provide predictable long-term financial support linked to a country’s hectares of standing forests, thus aligning economic incentives with environmental outcomes. Led by the Brazilian ministry of finance and ministry of environment and climate change, and in partnership with other tropical-forest countries, developed economies, and non-traditional sponsors, the TFFF aims to leverage sovereign and philanthropic funding to mobilize more private capital, thus expanding forest finance beyond purely public-sector tools.
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