Three nations are funding a major new BioCarbon Fund initiative to support forest landscapes.
Norway, the United Kingdom, and the United States together committed $280 million – up to $135 million from Norway, $120 million from the U.K, and $25 million from the U.S. – as part of their efforts to slow climate change.
The initiative will be managed by the BioCarbon Fund, a public-private program housed within the World Bank that mobilizes finance for activities that sequester or conserve carbon emissions in forest and agricultural systems.
The investment comes on the heels of a report showing that the Earth lost an area the size of Western Europe to deforestation over the last decade, a trend that speeds up global warming. The growing threat of climate change underscores the need for more holistic land use programs – all with the goal of benefitting the environment as well as local communities.
The new Initiative for Sustainable Forest Landscapes seeks to scale up land-management practices across large landscapes, including improved livestock management, climate-smart agriculture, and sustainable forest management, with a focus on protecting forests and greening and securing supply chains.
It will engage a broader range of actors, including the private sector, initially through a portfolio of four to six programs in Africa, Asia, and Latin America.
To be able to scale up climate-friendly land use practices, there’s a general agreement that the private sector must be on board. Companies can provide capital, innovation, operational resources, and valuable technical expertise to accelerate the greening of supply chains.
Engagement and support of the private sector therefore lies at the core of the new BioCarbon Fund initiative.
In fact, corporations such as food and health products giant Unilever, Mondelez, and Bunge have been deeply involved from its inception, spearheading a new model of engagement.
Source | World Bank