By Seth Onyango in Antalya, Türkiye
African countries with vast tropical forests could gain access to a new stream of long-term climate finance under an international fund designed to reward governments for keeping forests standing, rather than making conservation income dependent solely on carbon credit sales.
The proposed Tropical Forest Forever Facility (TFFF), highlighted at the COP31 summit in Antalya, Türkiye, could offer a significant financing opportunity for countries facing pressure to protect forests while creating jobs, expanding economic opportunities and supporting communities that depend on forest resources.
The facility aims to mobilise an initial US$10 billion to provide predictable, long-term payments to countries that maintain their tropical forests.
Norway announced its readiness to contribute up to 20 per cent of the target, while the Netherlands confirmed US$500 million over 10 years. The United Kingdom said it plans to invest up to US$530 million, with charitable foundations pledging a further US$88 million.
The proposed financing model could be particularly important for African countries that have maintained extensive forest cover but receive limited international funding for conservation. Under conventional carbon markets, governments and project developers earn revenue from verified emissions reductions or carbon removals.
Countries with historically low deforestation rates, however, can have fewer opportunities to generate credits from avoided forest loss because they have less recent deforestation against which to measure reductions. The TFFF seeks to address this financing gap by rewarding countries for maintaining existing tropical forests.
For countries in the Congo Basin, this could create a more predictable financial incentive to conserve forests while pursuing development. The Congo Basin contains the world’s second-largest tropical rainforest after the Amazon and is a major global carbon store. Its forests also regulate regional rainfall, support biodiversity and sustain millions of people.
However, countries in the region face competing pressures from agricultural expansion, logging, infrastructure development and demand for natural resources. The proposed facility is expected to help governments demonstrate that standing forests have economic value beyond timber, minerals and land conversion.
This came as African governments at COP31 stepped up efforts to turn the continent’s vast forests into a source of climate finance, pursuing carbon credit sales, international investment and restoration programmes.
At a high-level summit on November 11, Ghana, Nigeria, the Democratic Republic of Congo (DRC), the Republic of Congo and Ethiopia outlined plans to expand forest protection and attract private investment, as they seek greater financial rewards for conserving ecosystems that absorb carbon dioxide, regulate rainfall and sustain millions of livelihoods.
Ghana announced that it had secured the issuance of about 6.5 million forest carbon credits under the Architecture for REDD+ Transactions (ART) TREES standard, opening the way for an expected US$43 million in initial payments from buyers, including the LEAF Coalition.
Gabon also announced plans to tap into international demand for forest carbon credits, particularly from the aviation industry. Earlier this month, the country signed an agreement in London to sell forest carbon credits representing about six million tonnes of emissions reductions to SEFE, an energy company owned by the German government.
Gabon says it is the first African country to secure a sale of this kind involving aviation-eligible forest credits measured across its entire territory. The first deliveries are expected in the first quarter of 2027.
In 2021, Gabon became the first African country to receive payments for reducing emissions from deforestation and forest degradation. Gabon has also committed to reducing forest-related greenhouse gas emissions by 50 per cent.
The DRC is also seeking to balance forest conservation with economic development and improved livelihoods. President Félix Tshisekedi told the summit that his government would maintain its commitment to protecting the country’s forests while pursuing more international financing to support communities dependent on them.
The country outlined plans to plant 100,000 hectares of forest, with Tshisekedi stressing that conservation financing should deliver tangible benefits to local communities, particularly women and young people.
Neighbouring Republic of Congo reported that it had planted more than 14 million trees under a national programme targeting the establishment of one million hectares of planted forests. Forest Economy Minister Rosalie Matondo said more than 27 per cent of the country’s territory had been designated for national parks and wildlife protection.
In West Africa, Nigeria used the summit to launch its Securing Nigeria’s Forest Future Country Package, outlining plans to protect and restore forests while supporting sustainable livelihoods. Environment Minister Balarabe Abbas Lawal said the government was seeking public and private investment, including through green bonds, to finance the programme.
Ethiopia, which will host COP32 in Addis Ababa in 2027, highlighted its Green Legacy Initiative and plans to expand restoration through the Green Legacy and Landscape Restoration Fund.
Guyana offered an example of how forest conservation can generate substantial revenue through international carbon markets. Vice-President Bharrat Jagdeo told the summit that more than 30 airlines were buying the South American country’s forest carbon credits, with revenues expected to exceed US$100 million this year. He said 20 per cent of the proceeds went to Indigenous communities, highlighting the importance of ensuring that forest finance reaches the people who depend on and protect these ecosystems.
The article has been republished from Bird Story Agency: https://agency.birdstoryagency.com/stories/african-leaders-push-to-cash-in-on-forests-as-carbon-trading-gains-traction?locale=en
