We are in an existential crisis – but forests can deliver for people and planet. Integrating the role of forests to meet the ambitions of the Paris Agreement to limit global warming to well below 2°C above pre-industrial levels, and pursue efforts to limit it to 1.5°C, is absolutely essential. 

Not enough is being done to reduce deforestation and forest degradation. Despite widespread recognition that we need forests to fend off the worst of climate change, financing for forest-based solutions, such as REDD+, has been insufficient and unreliable.  

The Green Gigaton Challenge sets a milestone of mobilizing funds to pay for the equivalent of one gigaton of high-quality emissions reductions from forests between 2020-2025, and yearly thereafter. This provides a much-needed mid-term milestone to assess progress toward meeting the multiple objectives for forests and climate by 2030 and beyond. 

We are not on track to meet the milestone. Although more than half the time has passed to meet the gigaton milestone, only 24% of the necessary commitments for emissions reductions have been made. 

It is imperative that countries have straightforward access to adequate finance. In order to realize the full mitigation potential of forests, it will be necessary to focus on incentives (sufficient forest carbon price and certainty about future payments), investment (to generate results) and integrity (of emissions reductions results). 

A strong public sector demand for emissions reductions from forests at a higher carbon price would incentivize the transformation of forest finance. A bold step like committing to a floor price of USD 30-50 per ton for a substantial volume of emissions reductions would empower forest countries to transform their economies. 

Upfront finance for REDD+: investment is needed now more than ever. Investment in REDD+ readiness and implementation must continue at scale, to ensure capacity and action to achieve emissions reductions results 

Quality and integrity are key to ensuring real, robust emissions reductions to achieve the gigaton milestone by 2025, and the full contribution of forests to global climate goals by 2030. 

There is no progress without equity. It is vital that actions and finance for forests and climate include effective and equitable participation and benefits sharing, in line with relevant safeguards. This should include direct access to funding at sufficient volumes for Indigenous Peoples and local communities, as well as for women.