Amazon and Nestle Join Public-private Plan to Save World's Forests
The project aims to raise at least $1 billion in initial financing
Britain, Norway and the United States joined forces with companies including Amazon and Nestle on Thursday to launch a project aimed at protecting the world's tropical forests.
Announcing the Lowering Emissions by Accelerating Forest finance (LEAF) Coalition at the U.S.-convened Leaders Summit on climate, the public-private project aims to raise at least $1 billion in initial financing, it said.
Governments and companies taking part will pay countries with tropical and subtropical forests for emissions reductions, a move it hopes will help reduce and eventually end deforestation. As the world looks to move quickly to a low-carbon economy to prevent catastrophic climate change, protecting the forests that help remove carbon from the atmosphere naturally is seen as a crucial step, but one that has so far largely failed.
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