Bipartisan Legislation Passes to Protect Tropical Forests and Coral Reefs

Strategic Insights -

U.S. Senator Rob Portman and his colleagues applauded the House of Representatives for unanimously passing their bipartisan legislation, the Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021. This bill reauthorizes the Tropical Forest Conservation Act (TFCA) program for five years, from FY 2022 through FY 2026, at $20 million per year. The TFCA program is a debt-for-nature-swap, allowing developing countries to be relieved of certain concessional debt owed to the United States in exchange for protecting and preserving tropical forests and coral reefs.

Key Takeaways:

  • The Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021 aims to protect tropical forests and coral reefs globally.
  • The legislation reauthorizes the Tropical Forest Conservation Act (TFCA) program for five years, from FY 2022 through FY 2026, at $20 million per year.
  • Since the program was created in 1998, it has helped protect over 67 million acres of tropical forest, preserving native wildlife and ecosystems, and sequestering over 50 million metric tons of carbon dioxide.
  • The TFCA program has helped developing countries improve their balance sheets and reduce the carbon footprint of the United States.
  • The program has improved America's clout abroad and sequestered tens of millions of tons of carbon pollution over its lifetime.
  • Senator Portman introduced the TFCA as a member of the House of Representatives, which was signed into law in 1998, and has since worked to reauthorize and expand the program.

Statistics:

  • Since 1998, the TFCA program has protected over 67 million acres of tropical forest.
  • The program has sequestered over 50 million metric tons of carbon dioxide, equivalent to taking over 11 million cars off the road.
  • $233.4 million has been used under the program to restructure loan agreements with 14 countries (20 transactions) since 1998.
  • Over $339 million will be generated for tropical forest conservation at the conclusion of these agreements.
  • The program has been reauthorized for additional five years, for FY 2022 through FY 2026, at $20 million per year.

Sources:

  • United States Senator for Ohio Rob Portman, April 22, 2021, Press Release
  • Congressional Research Service