Bipartisan legislation introduced this week by U.S. Sen. Rob Portman (R-OH) would reauthorize a debt-for-nature-swap program that allows eligible developing countries to be relieved of debt they owe to the United States in exchange for protecting and preserving tropical forests and coral reefs.
“This bipartisan legislation takes significant strides to protect our natural resources for the next generation while strengthening ties with countries that could become significant economic and national security partners with the United States,” said Sen. Portman, co-chair of the International Conservation Caucus.
Sen. Portman on Aug. 4 sponsored the Tropical Forest and Coral Reef Conservation Reauthorization Act of 2020, S. 4428, with four original cosponsors, including U.S. Sens. Richard Burr (R-NC) and Tom Udall (D-NM), to reauthorize the program for fiscal year (FY) 2021 through FY 2025 at $20 million per year.
“This is a common-sense and proven approach that has protected millions of acres of tropical forest from deforestation — one of the leading causes of greenhouse gas emissions,” said Sen. Portman, who also urged his colleagues to join the sponsors of S. 4428 “in ensuring that our natural resources are protected and preserved for the next generation.”
Since its inception in 1998, the program has helped protect more than 67 million acres of tropical forests and helped protect the environment by sequestering over 50 million metric tons of carbon dioxide, according to information provided by Sen. Portman’s office.
“We all share responsibility to preserve and protect the incredible natural landscapes we’ve inherited, and one way we can do that is through strong conservation efforts,” Sen. Burr said. “That’s why I’m proud to work with my colleagues on this bipartisan legislation, which will authorize this successful program for an additional five years so we can further protect tropical forests and coral reef ecosystems for future generations to enjoy.”
S. 4428 is supported by the Global Policy for Conservation International, the World Wildlife Fund, the Wildlife Conservation Society, and The Nature Conservancy, among others.
U.S. Reps. Steve Chabot (R-OH) and Brad Sherman (D-CA) are expected this week to introduce the companion legislation in their chamber.