Bipartisan Legislation Seeks to Protect Tropical Forests and Coral Reefs

U.S. Senator Rob Portman has introduced the Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021, alongside Senators Chris Coons, Richard Burr, Sheldon Whitehouse, and Brian Schatz. The legislation aims to reauthorize a program that allows developing countries to exchange debt owed to the United States for protecting and preserving tropical forests and coral reefs. This program, first created in 1998, has helped protect over 67 million acres of tropical forests, sequestering over 50 million metric tons of carbon dioxide, equivalent to taking over 11 million cars off the road.

Key Takeaways:

• The Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021 seeks to reauthorize the program for FY 2022 through FY 2026, at $20 million per year, totaling $100 million over the five-year period.
• The program has protected more than 67 million acres of tropical forests, sequestering over 50 million metric tons of carbon dioxide, equivalent to taking over 11 million cars off the road.
• Since its inception, the program has saved over $339 million, and the 20 transactions have generated over $233.4 million for tropical forest conservation.
• International Paper, World Wildlife Fund, Conservation International, and The Nature Conservancy support the reauthorization of the program, citing its success in protecting tropical forests and coral reefs.
• The program strengthens community-led conservation and development efforts in partner countries and has a proven track record of protecting millions of acres of tropical forests.
• The legislation takes significant strides to protect natural resources for the next generation while strengthening ties with countries that could become significant economic and national security partners with the United States.
• The program has expanded to include protection of coral reef ecosystems, enabling the protection of some of the world's most biologically diverse areas.
• The reauthorization provision will allow for continued work on this innovative approach to benefit economies and ecosystems across the planet.

Statistics:

• Over 67 million acres of tropical forests have been protected since the program's inception.
• 20 transactions have generated over $233.4 million for tropical forest conservation.
• Over $339 million will be generated for tropical forest conservation at the conclusion of these agreements.
• The program has sequestered over 50 million metric tons of carbon dioxide, equivalent to taking over 11 million cars off the road.
• The program will be funded for FY 2022 through FY 2026, at $20 million per year, totaling $100 million over the five-year period.

Sources:

• Portman's news release
• Congressional Research Service
• International Paper
• World Wildlife Fund
• Conservation International
• The Nature Conservancy
• Wildlife Conservation Society