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How to increase international financial flow for conservation of the Congo Basin Forests
Despite its ecological significance, the Congo Basin remains hugely underfunded compared to the Amazon and Borneo-Mekong South East Asia Basins. A study commissioned by the Central African Forest Commission (COMIFAC) and the World Wide Fund for Nature (WWF) reveals that Between 2017 and 2021, funding for forestry and environmental protection in the world’s second largest forest bloc amounted to a mere 4%, totaling only US dollar 40 million.
In stark contrast, the Amazon and Borneo-Mekong South East Asia received a staggering US dollar 1 billion in funding over the same period. This disparity in funding could have severe repercussions, as the Congo Basin plays a crucial role in global biodiversity and climate objectives. Its forests, covering six countries, serve as a vital asset for the planet. It sequesters the equivalent of 10 years of global CO2 emissions, more than the two other forest basins.
The study proposes some options to increase the flow of funds to support conservation of the Congo Basin including the establishment of a sustainable forest trust fund, assigning monetary value to natural assets, issuance of forest bonds for payments for ecosystem services, creation of a Congo Basin Guarantee Facility, establishing an environmental markets investment promotion Agency and the creation of investment and technical assistance facility for environmental markets.
The Congo Basin encompasses nearly 180 million hectares of tropical forest, as estimated in 2019. The region boasts the world's largest tropical peatlands, spanning approximately 145 million hectares. With a population of 185 million inhabitants, the forests of the Congo Basin host a rich biodiversity, including over 10,000 tropical plants and endangered species. Remarkably, 30% of these species are endemic to the region, including iconic animals like forest elephants, and lowland and mountain gorillas. In total, the basin supports over 400 species of mammals, 1,000 species of birds, and 700 species of fish.
The Congo Basin's importance extends beyond its borders. It serves as a primary source of rainfall, supplying around 50% of the Sahel's precipitation. The Sahel, a region highly sensitive to rainfall variability, could suffer a 16% reduction in rainfall across hundreds or thousands of square kilometers if large-scale deforestation occurs in the Congo Basin.
Thus, urgent action is required to secure funding for the conservation of these high-integrity forests, which are structurally intact and relatively free from human-induced pressures. Assigning a monetary value to these forests could provide ongoing incentives for their protection and support the climate objectives outlined in the Paris Agreement.
© WWF
© WWF
© WWF