The UK has pledged £239 million in funding to help forest-rich nations tackle climate change as the UN climate summit reaches its final day.
The money announced at Cop29 in Baku, Azerbaijan, will go to countries like Colombia and Indonesia to support the critical role of forests as “carbon sinks” that absorb huge amounts of carbon from the world’s atmosphere.
It comes as part of the UK’s commitment to deliver £11.6 billion in carbon finance by 2026, of which £1.5 billion is ring-fenced for protecting and restoring forests.
The move comes as frustrations mount in Baku over stalled negotiations as parties wait for the Cop29 presidency to release the latest proposals on reaching a climate finance deal for poorer nations to cope with climate change.
Condemnation has also been widespread over the lack of ambition in current proposals on mitigating greenhouse gas emissions, as well as the lack of focus on nature during the negotiations.
Halting and reversing global forest loss will be a critical form of global mitigation, as these habitats help to limit dangerous global warming by absorbing climate-heating CO2 in the atmosphere.
Wildlife such as orangutans, tigers and jaguars living in tropical forests are under threat, and 1.6 billion people depend on these habitats for their livelihoods.
The UK’s funding will go to supporting tropical forests which are home to two-thirds of the world’s biodiversity and 80% of global terrestrial biodiversity.
During Cop29, the UK Government highlighted the value of forests in ensuring a liveable climate, where people, animals and flora can thrive.
Energy Secretary Ed Miliband said: “Forests are the lungs of our planet – without them climate security is impossible. We’re determined to play our part in mobilising 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 in the UK – we’re already seeing the damage flooding and record heatwaves can do to businesses and the most vulnerable in our communities.
“Providing this funding now helps prevent the escalating costs of climate catastrophe at home and abroad, this is what the UK means by climate leadership.”
Of the ring-fenced funding, £188 million will go to the Scaling Climate Action by Lowering Emissions (Scale) programme, which supports the development of high-integrity forest carbon markets to ensure the buying and selling of carbon credits to drive emission reductions.
This comes as the UK Government confirmed it intends to improve the integrity and use of voluntary carbon and nature markets.
Reflections on #COP29:
1️⃣ The energy transition is here.
2️⃣ The climate crisis is real.
3️⃣ Tackling both will be hard.
4️⃣ The fight is on.#UKatCOP29 pic.twitter.com/11kzFJ9PwM
— Ed Miliband (@Ed_Miliband) November 21, 2024
Agreeing rules around carbon markets has also been a key issue in the negotiations and a potential deal is understood to be in better shape than other areas like climate finance and mitigation.
Elsewhere, the Government said £48 million will go to blended finance to unlock private investment in sustainable forest enterprises across the tropical forest belt.
A total of £3 million will go to the UN to help countries protect their forests and realise their full climate change mitigation potential by reducing deforestation, restoring forests and providing benefits to local communities that depend on forests.
The Government also announced 20 projects which aim to deliver lasting change to the marine environment and coast communities across the world.
Ruth Davis, the UK’s nature envoy, said: “Urgent action is needed to address the nature and climate crisis – we cannot tackle one crisis while ignoring the other. Global co-operation is vital to improve the health and resilience of our planet for future generations.
“At Cop29, the UK continues to lead the way – providing vital funding for forests and oceans and working to ensure the global economy functions in a way that protects and restores nature.”
