The coalition includes the governments of the UK, US, and Norway, and international companies, including Airbnb, Amazon, Bayer, GlaxoSmithKline, Nestle, and Unilever. More participants are expected to join in coming months. The coalition is known as LEAF, (Lowering Emissions by Accelerating Forest finance).
The goal is for governments, businesses, and NGOs to pay for high-quality emissions reductions from tropical forests, verified against an independent standard. The LEAF Coalition offers an important new approach that can help protect swaths of trees by offering the financial assurance needed for countries to start prioritizing policies that reduce deforestation.
“This is a game-changer in the fight to save tropical forests—a new model for catalyzing finance, at a scale that is truly up to the challenge,” said Environmental Defense Fund Senior Vice President, Nathaniel Keohane.
“The LEAF Coalition sets a high standard for how companies can supplement deep cuts in their own emissions by investing in additional emission reductions from tropical and subtropical forests and also by ensuring that the rights of indigenous peoples who have and who continue to protect these forests are respected and fulfilled,” added Keohane.