COP29 President’s High-Level Event on 鈥淔orests for Climate, Nature and People: Harnessing Climate Finance for Forests
November 18, 2024
Date: 21 November 2024
Time: 13:00 – 14:45 AZT
Venue: COP29 Presidency Area, Room SE5 Nasimi, Baku, Azerbaijan
Forests are key to addressing climate change.
They help regulate the global climate, store carbon, protect biodiversity, and provide essential ecosystem services. However, deforestation and forest degradation account for around 25% of global greenhouse gas emissions. While forests absorb about 2.6 billion tonnes of CO2 annually, they are increasingly threatened by climate change, land-use changes, and unsustainable practices.聽
The High-level Event on Forest Finance at COP29聽 explored how to harness climate finance to protect, conserve, and restore forests. Co-organized by the COP29 Presidency and the UN Forum on Forests, the event focused on identifying solutions to expand funding for forests and improve global data sharing on forest financing.聽
Event Objectives聽
- Enhance Climate Action: Address the challenges of deforestation and forest degradation in achieving the Paris Agreement goals.
- Expand Climate Funding: Explore innovative financing mechanisms like Payment for Ecosystem Services (PES), carbon markets, and debt-for-nature swaps to scale up forest investments.
- Strengthen Data Sharing: Build a global hub for forest financing data and best practices, improving efficiency and access to resources.
Key Discussion Topics聽
- Forest Loss and Climate Action: How can forests accelerate progress on climate mitigation and resilience?
- Scaling Up Funding: What actions are needed to ensure adequate financing for forest conservation and restoration?
- Global Data Hub: How can a global knowledge hub improve access to forest financing opportunities?
This event offered a critical platform to strengthen global efforts to harness climate finance for forests and drive action for a sustainable future.聽
For more information on forest-related events during COP29, visit the Forest Pavilion聽located in the Blue Zone (C4, Zone E).