A program that enables developing countries to preserve tropical forests in exchange for debt relief from the United States would be extended under bipartisan legislation that U.S. Sen. Rob Portman (R-OH) introduced with U.S. Sen. Richard Burr (R-NC) on Wednesday.
The Tropical Forest Conservation Reauthorization Act (TFCA) would also expand the program to provide U.S. debt relief in exchange for developing countries preserving non-tropical forests and coral reef ecosystems. The measure is supported by environmental conservation groups like the World Wildlife Fund and the Wildlife Conservation Society.
“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,” Portman said. “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.”
Portman, Burr and U.S. Sens. Tom Udall (D-NM) and Sheldon Whitehouse (D-RI) serve as co-chairmen of the International Conservation Caucus.
Portman said he first introduced TFCA in 1998 as a member of the House of Representatives. More than $233 million has been used to restructure loan agreements with 14 countries since 1998, and more than $339 million will be generated for tropical forest conservation over the life of the agreements.
The Environmental Protection Agency estimates that 1.22 metric tons of carbon dioxide are sequestered each year for every square acre of forest, and the program also helps preserve habitats that threatened species depend upon.
“I believe that conservation is one of the greatest gifts we can give to future generations,” Burr said. “I’m proud to be a part of this bipartisan effort to help protect tropical forests and coral reef systems.”
Peter Seligmann, the chairman and CEO of Conservation International, commended lawmakers for introducing the bipartisan bill.
“There is a direct connection between international conservation and America’s economic and national security interests,” Seligmann said. “For nearly two decades, the TFCA has demonstrated a transformative approach to conservation finance. Projects under the act have protected vast areas of tropical forests in partnership with key American allies including Costa Rica, Colombia, Indonesia and Peru. The investment by the United States has leveraged hundreds of millions of dollars in additional funding from other governments and the private sector.”
Kerry Cesareo, the vice president for forests at the World Wildlife Fund, also supports the measure.
Protecting the planet’s forests protects the biodiversity and natural resources that support hundreds of millions of people around the world.
“While helping the U.S. government catalyze global forest conservation efforts, the Tropical Forest Conservation Act also strengthens our relationships with like-minded nations, driving economic prosperity here and abroad,” Cesareo said. “By broadening the TFCA to include non-tropical forests and coral reefs, Senator Portman’s legislation also expands the TFCA’s legacy to protect our planet’s vital forest and ocean ecosystems.”