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Legislative bills

Bipartisan Legislation Introduced to Protect Tropical Forests and Coral Reefs

Strategic Insights

— 2 min read

U.S. Senators Rob Portman, Chris Coons, Richard Burr, Sheldon Whitehouse, and Brian Schatz have introduced the Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021, a bipartisan legislation aiming to protect tropical forests and coral reefs. The bill reauthorizes a program that allows developing countries to be relieved of debt owed to the United States in exchange for protecting and preserving these ecosystems. The legislation has the support of various organizations, including International Paper, World Wildlife Fund, Conservation International, and The Nature Conservancy.

Key Takeaways:

  • The Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021 reauthorizes a debt-for-nature-swap program that allows developing countries to trade debt for protecting tropical forests and coral reefs.
  • The program was first created in 1998 and has since helped protect over 67 million acres of tropical forests, sequestering over 50 million metric tons of carbon dioxide.
  • The legislation would provide $20 million per year for five years, from FY 2022 to FY 2026, to support the program.
  • Since its inception, the program has used $233.4 million to restructure loan agreements with 14 countries (20 transactions) and is expected to generate over $339 million for tropical forest conservation at the conclusion of these agreements.
  • The program has been reauthorized and funded with overwhelming support in previous years, expanding its scope to include coral reef ecosystems in 2019.
  • Organizations such as International Paper, World Wildlife Fund, Conservation International, and The Nature Conservancy have expressed support for the legislation, highlighting its importance for conservation and climate change mitigation.

Statistics:

  • 67 million acres of tropical forests protected since the program's inception.
  • 50 million metric tons of carbon dioxide sequestered by tropical forests protected by the program.
  • $234 million used to restructure loan agreements with 14 countries (20 transactions) since 1998.
  • $339 million expected to be generated for tropical forest conservation at the conclusion of these agreements.
  • $15 million provided for the program in the FY 2021 spending bill, after $15 million was secured in the FY 2020 spending bill.

Sources:

  • United States Senator for Ohio Rob Portman
  • Senators Chris Coons, Richard Burr, Sheldon Whitehouse, and Brian Schatz
  • U.S. Representatives Steve Chabot and Brad Sherman
  • International Paper (Sophie Beckham, Chief Sustainability Officer)
  • World Wildlife Fund (Kerry Cesareo, senior vice president for forests)
  • Conservation International (James Roth, SVP of Global Policy)
  • The Nature Conservancy (Tom Cors, Director of Government Relations for Lands)
  • Wildlife Conservation Society (John Calvelli, Executive Vice President of Public Affairs)
  • Congressional Research Service

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