Unlocking Funding and Finance
California proposes the most ambitious plan in North America to reduce greenhouse gas emissions by 40 percent by 2030. The plan proposed by the California Air Resources Board builds on existing programs, continues cap-and-trade, and introduces an approach to cut GHG emissions at refineries.
Brazil made history at the recent GCF annual meeting when the State Secretary of Environment for Amazonas (SEMA), on behalf of the State Government of Amazonas, and the Amazonas Sustainable Foundation (FAS), delivered its first-ever certificate of carbon emissions reduction to the US-headquartered hospitality company Marriott International.
GCF states and provinces across Latin America (Brazil, Mexico, and Peru) signed a landmark Memorandum of Understanding with the Development Bank of Latin America (CAF) at the recent GCF annual meeting in Guadalajara, Mexico. This agreement commits the GCF members and CAF to working together through 2020 to achieve three objectives.
California’s Cap and Trade Program (AB 32), managed by the Air Resources Board, may soon be able to start allowing companies to meet emission reduction regulations by including rainforest jurisdictions in their offset options. This would allow regulated industries in California to purchase surplus allowances from regions like Acre, Brazil, which are tapping into innovative emission reduction strategies.
GCF members rallied to support the ongoing effort by California to integrate jurisdictional REDD+ into its greenhouse gas (GHG) compliance system, which is the first such effort in the world. Members from topical forest states and provinces around the world hope to provide critical proof-of-concept for broader efforts to link emissions reductions in tropical forest jurisdictions with existing and emerging GHG compliance markets.
The Government of Norway has made a major pledge of USD $25 million to the Governors' Climate and Forests Fund to support innovative rainforest states in their plans to implement the Rio Branco Declaration to reduce deforestation 80% by 2020 and provide opportunities to local communities.