African Nations Seek Innovative Forest Funding Solutions

African nations are adopting innovative financing models to protect and restore forests, as highlighted in the first progress report of the Forest Finance Roadmap launched at the Forest & Climate Leaders’ Partnership (FCLP) during Climate Week NYC. The report reveals a significant $66.8 billion annual forest finance gap, despite forests representing about 20% of cost-effective climate mitigation potential.

FCLP Secretariat Director, Emelyne Cheney, emphasized the necessity of keeping forests central to the climate agenda. The report showcases various African models that integrate domestic budgets, international finance, and private investment.

For instance, Kenya secured $229 million in new external finance, including a $200 million operation from the World Bank and a $29.2 million grant from the Green Climate Fund. Nigeria announced its Securing Nigeria’s Forest Future Country Package for launch at COP31 in Türkiye, with Minister of Environment Balarabe Abbas Lawal stressing the need to enhance the environment for private and blended finance to support community livelihoods.