By Kei Emmanuel Duku<\/p>\n
United Kingdom has announced new funding amounting to $239 million to help forest-rich nations tackle climate change.<\/em><\/strong><\/p>\n The pledge was made on November 22, 2024, at the closing day of the COP29 conference in Baku, Azerbaijan.<\/p>\n According to a Press Release issued by the UK delegation attending the conference, the \u00a3239 million will tackle deforestation in tropical forest countries, recognizing the critical role of forests in these countries as \u201ccarbon sinks\u201d that absorb more carbon dioxide (CO2) from the atmosphere annually than the UK and USA emit combined.<\/p>\n Out of the $239 million, $188 million will fund Scaling Climate Action by Lowering Emissions (SCALE) programs, supporting the development of high-integrity forest carbon markets to ensure the buying and selling of carbon credits drive emission reductions.<\/p>\n The UK government noted that engaging forest nations involved in carbon credits will help improve the integrity and use of voluntary carbon and nature markets, a critical component in limiting global temperatures to 1.5\u00b0C. The UK government stated that the $48 million will further help mobilize finance from forest programs by financing companies and investors to fund more climate initiatives that protect and restore degraded forests.<\/p>\n The other \u00a33 million climate fund from the UK government will be made available to the United Nations Framework Convention on Climate Change (UNFCCC) to help countries endowed with rich biodiversity protect their forests and realize their full climate change mitigation potential by reducing deforestation, restoring forests, and providing benefits to local communities that depend on forests.<\/p>\n In the last five years, the UK government has been honoring the $11.6 billion climate finance commitment. Under the new climate funds for forest nations, the $11.6 billion will continue to be honored until 2025\/26, which includes $3 billion for nature-based programs and $1.5 billion for protecting and restoring forests.<\/p>\n The UK government reiterated its commitment to protecting biodiversity and achieving the UN Sustainable Development Goals, stating that reversing forest loss is essential to keeping global heating under 1.5\u00b0C.<\/p>\n \u201cTropical forests are home to two-thirds of the world\u2019s biodiversity and 80 per cent of global terrestrial biodiversity. Wildlife such as orangutans, tigers, and jaguars are under threat, and 1.6 billion people depend on forests for their livelihoods. Therefore, this pledge values forests in ensuring a livable climate, where people, animals, and flora can thrive,\u201d the statement read.<\/p>\n Meanwhile, UK Energy Secretary Ed Miliband noted that about 20 projects globally are set to receive funds from the UK government under the Ocean Community Empowerment and Nature (OCEAN) Grants Program, which will target marine environments and coastal communities worldwide.<\/p>\n He added that these measures will unlock private and public financing to safeguard forest ecosystems, drive restoration efforts, and create sustainable opportunities for communities to rely on nature-based solutions. He said the $239 million will help prevent the escalating costs of the climate catastrophe across the globe.<\/p>\n \u201cForests are the lungs of our planet; without them, climate security is impossible. We\u2019re determined to play our part in mobilizing finance to protect and restore global forests in these critical years for climate action. The climate crisis has no borders, and these issues impact people back home because we\u2019re already seeing the damage flooding and record heat waves can do to businesses and the most vulnerable in our communities,\u201d said Ed Miliband.<\/p>\n While at COP29, UK Special Representative for Nature, Ruth Davis, called for global cooperation to fight climate change.<\/p>\n She said the UK government will continue to provide funding for forests and oceans and work to ensure the global economy functions in a way that protects and restores nature.<\/p>\n \u201cUrgent action is needed to address the nature and climate crisis \u2013 we cannot tackle one crisis while ignoring the other. Global cooperation is vital to improve the health and resilience of our planet for future generations,\u201d she concluded.<\/p>\n","protected":false},"excerpt":{"rendered":" By Kei Emmanuel Duku United Kingdom has announced new funding amounting to $239 million to help forest-rich nations tackle climate change. The pledge was made on November 22, 2024, at the closing day of the COP29 conference in Baku, Azerbaijan. According to a Press Release issued by the UK delegation[Read More…]<\/a><\/p>\n","protected":false},"author":4,"featured_media":31112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-31111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"jetpack_featured_media_url":"https:\/\/www.onecitizendaily.com\/wp-content\/uploads\/2024\/11\/Courtesy-photo-1-1.jpg","_links":{"self":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts\/31111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/comments?post=31111"}],"version-history":[{"count":1,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts\/31111\/revisions"}],"predecessor-version":[{"id":31113,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts\/31111\/revisions\/31113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/media\/31112"}],"wp:attachment":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/media?parent=31111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/categories?post=31111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/tags?post=31111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nAnother $48 million will be invested by the private sector in sustainable forest enterprises across the tropical forest belt.<\/p>\n
\nThe Energy Secretary further noted that the pledge is a sign of commitment made at COP26 by the UK government, where it aims to reverse forest loss by 2030.<\/p>\n