The Green Climate Fund (GCF) will search for ways to expand the Fund’s use of climate finance to protect and restore forests during the Asia-Pacific Forestry Week 2019 which opens on Monday in Incheon, the Republic of Korea.
GCF will participate in the forestry week, the fourth and largest such event held in the Asia Pacific region, to consult with a wide range of forestry experts to determine how to expand GCF’s engagement with REDD+ and other land management-based climate finance.
On Monday, GCF Deputy Executive Javier Manzanares will tell forestry week participants about GCF’s growing support for forests and REDD+ during an information session about forest-based climate finance. Leading environment officials from the governments of Indonesia, Bhutan, Cambodia, the Republic of Korea and Nepal will also share their views on how to combine greenhouse gas reduction and environmental protection during the discussion panel.
This year marks an important milestone for GCF’s support for forest-focused climate finance as the Fund began in February to make results-based payments to countries which have proved they have halted deforestation under the REDD+ financing umbrella.
REDD+ refers to the UNFCCC-based accounting and funding mechanism that supports developing countries' efforts to Reduce Emissions from Deforestation and forest Degradation, and (the plus) foster conservation, sustainable management of forests, and enhancement of forest carbon stocks.
GCF’s desire to expand its REDD+ coverage follows a four-month survey concluded in April that measured developing countries’ progress in implementing REDD+. GCF has studied the responses from 56 countries in order to draft a working paper “Accelerating REDD+ implementation.” Mr Manzanares will launch the working paper during the forestry week.