The UK government has announced a $300 (£239) million commitment to fight deforestation in forest-rich nations, with a significant portion directed to the World Bank's Scale programme. The pledge, revealed at the COP29 summit in Baku, emphasises the critical role of forests as global carbon sinks.
Savernake Forest, located in Wiltshire, England, one of the most historic deciduous forests in the UK. AI generated picture.
Energy Secretary Ed Miliband described the initiative as a vital step for climate leadership, stating, ‘Forests are the lungs of our planet - without them climate security is impossible.’ He stressed that timely funding helps prevent escalating environmental costs worldwide.
The largest share, $236 (£188.2) million, will go to the Scaling Climate Action by Lowering Emissions (Scale) programme. This World Bank trust fund, launched at COP27, pools global resources to finance nature-based carbon credits. These credits aim to attract private sector investments, unlocking additional funding for climate mitigation and adaptation efforts.
Read more: First UN carbon credits under Article 6.4 to be issued soon
Within Scale, $12.5 (£10) million will support the EnAble programme, focusing on social inclusion and aiding vulnerable communities affected by environmental instability.
The UK also allocated $60 (£48) million to its Mobilising Finance for Forests (MFF) programme. Managed by the Dutch development bank FMO, this initiative attracts private capital into sustainable forestry projects, bolstering economic and environmental outcomes.
An additional $3.7 million will fund the Agriculture, Forestry, and Other Land Use (AFOLU) Unit under the UNFCCC. This unit assists nations in developing forest restoration and carbon offset projects through the REDD+ framework.
This investment showcases the UK’s commitment to global environmental action, leveraging international cooperation and private funding to protect vital ecosystems and mitigate the impact of environmental instability.
Read more: A pathway to sustainability for UK enterprises
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