The $1 billion initiative is one that seeks to conserve tropical rainforests and three giant companies have decided to be a part of this initiative. The UK, US, and Norway, and nine giant corporations declared a coalition known as LEAF.
This coalition is seeking to raise $1 billion in 2021 for the conservation of large-scale forests and also sponsor sustainable development. The US, UK, and Norway governments are already a part of this coalition.
International companies such as Nestle, Amazon, Bayer, Airbnb, Unilever, and GlaxoSmithKline are also part of the coalition. The Coalition which is known as LEAF means (Lowering Emissions by Accelerating Forest). This $1 billion initiative is the largest investment that seeks to preserve tropical rainforests.
The goal of LEAF is for businesses, NGOs, and governments to pay for the reductions of emissions from tropical forests. This coalition provides a new method to preserve swaths of trees by providing the financial guarantee countries need to start prioritizing policies that help to reduce deforestation.
“With local-level involvement, this approach can be a triple-win: for the climate, tropical forests and for people that depend on them. “ Manish Bapna, Interim President and CEO of World Resources Institute.
This type of forest finance can help to source out tens of billions of dollars annually into making sure the preservation of trees on the scale required to address the climate issues and meet the world’s climate demand.