The U.S., U.K., Norway and a group of companies including Amazon have launched a $1 billion initiative to protect tropical forests, the USA Today reports.
The Lowering Emissions by Accelerating Forest finance coalition (LEAF) was announced during a climate summit last week as part of an effort to curb deforestation and lower greenhouse gas emissions by 2030.
LEAF funding will be provided to countries, states or provinces that are verified and have met requirements through an international standard to track and monitor reduction in deforestation and emissions, according to the report. Jurisdictions seeking funding must submit proposals by July.
Companies joining the effort to reduce emissions include Amazon, Airbnb, Boston Consulting Group, GSK, McKinsey, Nestlé, Salesforce, Bayer and Unilever.
"Bringing together government and private-sector resources is a necessary step in supporting the large-scale efforts that must be mobilized to halt deforestation and begin to restore tropical and subtropical forests," stated John Kerry, U.S. special presidential envoy for climate.
