The UK Government revealed at the COP29 summit that they will be contributing £239 million in a bid to try and help forest-rich nations such as Colombia and Indonesia
This funding is targeted towards tackling climate change and limiting global warming to 1.5°, which also hopes to halt and reverse deforestation in forest-rich nations.
Why do we need to protect our forests?
Forest are important factor in the aim to try and tackle climate change. They act as “carbon sinks” absorbing more C02 from the atmosphere each year than the UK and the USA together. Protecting forests is key to keeping global warming below 1.5°, a key goal set in the Paris Agreement.
Carbon sinks describe an area that absorbs more carbon than it releases, through photosynthesis, they continuously take carbon from the air. The carbon cycle will continue to keep Earth’s carbon concentrations in balance which is why the UK is committed to protecting it. The Government had previously committed to £11.6 billion of climate finance from 2021/22 to 2025/26 which will continue to be fulfilled.
Not only do forests act as climate protectors but tropical forests are also home to two-thirds of the world’s biodiversity, including endangered species like orangutans, tigers and jaguars. These forest also provide livelihoods to 1.6 billion people.
The UK hope that this funding will help avoid the cost of climate disasters such as floods and heatwaves which are already affecting people in the UK and globally.
How the funding will be used?
The funding will be directed into three main areas;
- £188 million for forest carbon markets (SCALE programme):
The funding will support the development of high-quality carbon markets where countries can sell carbon credits to fund forest protection and restoration projects. By supporting these projects the UK hopes to make sure that the carbon credits are sold in a way that is transparent and ethical.
- £48 Million will be set to encourage private investment in sustainable forest businesses (Mobilising Finance for Forests – MFF):
The UK is using this funding to attract private sector investment into businesses that are helping protect forests. By showing that investing in sustainable forestry is profitable, the government hopes to scale up forest conservation efforts.
- £3 Million for the UNFCCC (United Nations Framework Convention on Climate Change):
This funding will also support countries in protecting forests, reducing deforestation, and restoring degraded land. The aim of this is to strengthen forest protection and help local communities benefit from these measures.
UK Special Representative for Nature Ruth Davis said, “Urgent action is needed to address the nature and climate crisis – 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.”
“We cannot tackle one crisis while ignoring the other”
UK’s ongoing climate leadership
This new funding shows the continued commitment of the UK to honour the £11.6 billion climate finance pledge made earlier, which includes £3 billion for nature, with £1.5 billion specifically for forests.
The UK’s actions at the COP29 summit show its ongoing role as a global leader in addressing climate change and biodiversity loss.
What happens next?
The £239 million forms part of the UK’s broader plan to halt deforestation by 2030, in line with international commitments. The funding is expected to open additional private and public investment to protect forests, restore degraded ecosystems, and provide sustainable livelihoods for the millions of people who depend on forests.
The key points of the UK’s funding for forest-rich nations
- By investing £239 million the UK hopes to fight climate change and preserve biodiversity.
- The funding is part of the UK’s wider finance plan to help preserve forest loss and support sustainable land use practices.
- By supporting forest carbon markets and private sector investments, the UK hopes to make forest protection financially viable.
This funding shows how protecting nature and forest-rich nations isn’t just an environmental issue but also an economic one.
