03 Jul 2021 LEAF Coalition

LEAF Coalition

Context:

LEAF (Lowering Emissions by Accelerating Forest Finance) Coalition was announced at the Leaders Summit on climate, 2021

LEAF coalition will be one of the largest ever public-private efforts to protect tropic forests and intend to mobilize at least USD 1 billion in financing to countries committed to protecting their tropical forests.

About:

LEAF Coalition:

• It is a collective of the governments of the USA, United Kingdom and Norway.
• As it is a public-private effort, thus also supported by transnational corporations (TNCs)like Unilever plc, Amazon.com, Nestle, Airbnb etc.
• A country willing to participate would need to fulfil certain predetermined conditions laid down by the Coalition.

Financial Support:

• The results-based financing model will be used in LEAF.
• The model weighs on work by the Environmental Defense Fund over two decades, in collaboration with Indigenous communities, forest peoples, Brazilian and US NGOs, and other partners, to protect the Amazon and tropical forests globally.
• Performance will be measured against the TREES Standard (The REDD+ Environmental Excellence Standard

Significance:

• Platform for Private Leadership: The goal of net zero emissions cannot be reached without bold leadership from the private sector and commitment to leverage its scale, investment capacity and political power to build a more sustainable, resilient and equitable future.
• Increases Carbon Sink: Tropical forests are massive carbon sinks and by investing in their protection, public and private players are likely to stock up on their carbon credits.
• It will help in achieving Nationally Determined Contributions (NDCs) under the Paris Agreement.
• Achieve REDD+ Objectives: It is a step towards concretizing the aims and objectives of the Reducing Emissions From Deforestation and Forest Degradation (REDD+)
• Solve Development versus Ecological Commitment: Such a financial impetus is crucial as it incentivizes developing countries to capture extensive deforestation and provide livelihood opportunities to forest-dependent populations.
• Complements Other Global Goals: Ending tropical and subtropical forest loss by 2030 is vital to achieving global climate, biodiversity and sustainable development goals as well as sustaining the well-being and cultures of Indigenous peoples and other forest communities.

Scenario in India:

• India’s total forests is 24.56% of the geographical area of the country.
• Observations made by the Global Forest Watch:
  • India lost nearly 38.5 thousand hectares (Kha) of tropical forest between 2019 and 2020making up nearly 14% loss of its tree cover.
  • Meanwhile, the total tropical forest area in India fell by 0.38%.
  • Also, a 0.67% decrease in tree cover has also been recorded across the country in the same period.
  • Mizoram has witnessed the biggest decline in forest area with a loss of 47.2 Kha , followed by Manipur, Assam, Meghalaya and Nagaland.

Conservation Steps Taken:

• Indian Forest Policy, 1952:It became conscious about the need to increase the forest cover to one-third of the total land area.
• National Forest Policy, 1988:The ultimate objective of the National Forest policy was to maintain environmental stability and ecological balance through conservation of forests as a natural heritage.
• The National Forest Policy in 1988 made a very significant and categorical shift from commercial concerns to focus on the ecological role of the forests and participatory management.
• CAMPA Fund:  For every time forest land is diverted for non-forest purposes such as mining or industry, the user agency pays for planting forests over an equal area of non-forest land, or when such land is not available, twice the area of degraded forest land.

Download Yojna IAS Daily Current Affairs of 3rd July 2021

rahul123

Yojna IAS Current Affairs Team