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New Delhi:India will join the Brazil-led Tropical Forests Forever Facility (TFFF) as an observer, India's ambassador to Brazil, Dinesh Bhatia, announced during his statement on the second day of the Belém Leaders' Summit on Saturday early morning.
On the occasion of COP30, India also reaffirmed its commitment to multilateralism and to preserving and safeguarding the architecture of the Paris Agreement, Bhatia said.
“As a firm believer in climate action, we stand ready to collaborate with all nations to implement solutions and transition to sustainability in ways that are ambitious, inclusive, fair and equitable, based on the principles of common but differentiated responsibilities and national circumstances…”
“Under the leadership of PM Modi, India has steadily met its climate targets ahead of schedule. Between 2005 and 2020, we reduced emission intensity of our GDP by 36%, and the trend continues. Non-fossil power now accounts for over 50% of our total installed capacity, enabling us to reach our nationally determined contribution (NDC) target five years ahead of schedule. India has not only conserved but also expanded its forest and tree cover, which now stands at 25.17% of its total geographical area,” Bhatia said.
He added that the International Solar Alliance launched by India and France in 2015 now unites 120 countries promoting affordable solar energy and South–South collaboration.
“Ten years after the Paris Agreement, global ambition remains inadequate. Many nations' NDCs fall short. While developing countries continue to take decisive climate action, developed countries that have disproportionately appropriated the global carbon budget must accelerate emission reductions and deliver promised, adequate and predictable support,” Bhatia underlined.
“While mitigation is important, it is equally important to focus attention on adaptation to address climate risks and vulnerabilities at the local level, more so in developing countries,” he added.
“India welcomes and supports Brazil's initiative in establishing the Tropical Forests Forever Facility representing a significant step toward collective and sustained global action for preservation of tropical forests. India is pleased to join the Facility as an Observer,” Bhatia said.
HT reported Saturday that Brazil, the host of COP30, officially launched the Tropical Forests Forever Facility at the COP30 Leaders' Summit on Thursday. The TFFF is an initiative that incentivises the conservation and expansion of tropical forests by making annual payments to tropical forest countries that maintain their standing forest.
It was endorsed by 53 countries — both those with rainforests and those without — on the day of its launch, including China, Canada, UAE, Finland, the United Kingdom, Japan, Australia, Indonesia, Germany, Antigua and Barbuda, Armenia, Bolivia, Ecuador, Colombia, the Democratic Republic of the Congo, Rwanda and Peru, among others. In total, 34 tropical forest countries endorsed the TFFF Declaration, covering over 90% of the tropical forests in developing countries, including Indonesia, the Democratic Republic of the Congo and China.
India has around 23,888 km² under the tropical wet evergreen forest type, according to the Forest Survey of India. Most of India's rainforests are located in the Western Ghats, parts of Northeast India and the Andaman and Nicobar region.
On Thursday, the launch of TFFF hosted by President Luiz Inácio Lula da Silva saw endorsements from 53 countries, including 19 potential sovereign investors.
Norway committed USD 3 billion over the next ten years, subject to specific conditions. Brazil and Indonesia reconfirmed their USD 1 billion commitments. Portugal committed USD 1 million. France indicated that, under specific conditions, it would consider committing up to 500 million euros until 2030. The Netherlands committed USD 5 million for the secretariat, and Germany fully endorsed the TFFF, stating that its financial commitment will be discussed between President Lula and Chancellor Merz.
The TFFF marks a historic paradigm shift in global efforts to protect and restore tropical forests, as the facility will address a market failure and recognize the value of the ecosystem services provided by tropical forests to the world. The TFFF creates a global financial incentive to protect standing tropical forests rather than destroy them.
“The Tropical Forest Forever Facility we are launching today is an unprecedented initiative. For the first time in history, countries of the Global South will take a leading role in a forest agenda,” President Lula da Silva said.
“The Tropical Forest Forever Facility will be one of the main tangible outcomes in the spirit of COP30 implementation. It is symbolic that the celebration of its birth is taking place here in Belém, surrounded by sumaúmas, açaí palms, andirobas, and jacarandás. In just a few years, we will begin to see the fruits of this fund. We will take pride in remembering that it was in the heart of the Amazon rainforest that we took this step together,” he added.
The World Bank is the trustee and interim host of the TFFF.
Source: HindustanTimes
Related Posts: COP30,Brazil,forest facility,India,observer,multilateralism
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