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Legislative bills

Bipartisan Legislation Passes to Protect Tropical Forests and Coral Reefs

Strategic Insights

— 2 min read

U.S. Senator Rob Portman (R-OH), along with a bipartisan group of Senators, applauded the U.S. House of Representatives for unanimously passing the Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021. This legislation 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 that 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.

Key Takeaways:

  • The Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021 was passed unanimously by the U.S. House of Representatives, with Senators Chris Coons (D-CT), Richard Burr (R-NC), Sheldon Whitehouse (D-RI), and Brian Schatz (D-HI) sponsoring the legislation.
  • 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, which is equivalent to sequestering over 50 million metric tons of carbon dioxide.
  • The program has also generated over $339 million for tropical forest conservation through debt-for-nature swaps with 14 countries.
  • Senator Rob Portman, Co-Chair of the International Conservation Caucus, praised the legislation as a "common-sense and proven approach" that has protected millions of acres of tropical forest and reduced carbon emissions.
  • The legislation has been reauthorized for the first time in five years, with Portman working to secure $15 million for the program in the recent FY 2021 spending bill.
  • The Congressional Research Service reported that since 1998, $233.4 million has been used under the program to restructure loan agreements with 14 countries (20 transactions).

Statistics:

  • The Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021 will operate at $20 million per year for five years, from FY 2022 through FY 2026.
  • Since the program was created in 1998, over 67 million acres of tropical forest have been protected.
  • The program has sequestered over 50 million metric tons of carbon dioxide.
  • $233.4 million has been used under the program since 1998 to restructure loan agreements with 14 countries (20 transactions).
  • Over $339 million will be generated for tropical forest conservation at the conclusion of these agreements.

Sources:

  • "U.S. Senator Rob Portman Applauds House Passage of Tropical Forest and Coral Reef Conservation Reauthorization Act" (Ohio Senator Rob Portman, [no date])
  • "Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021" (U.S. House of Representatives, [no date])
  • "Congressional Research Service: Tropical Forest Conservation Act" (Congressional Research Service, [no date])
  • "Senator Rob Portman Works to Secure $15 Million for Tropical Forest Conservation" (Senator Rob Portman, [no date])
  • "President Trump Signs Legislation to Reauthorize Tropical Forest Conservation Act" (White House, January 2019)

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