Governors Propose New Forest Economy at GCF Meeting in Bolivia

Governors from 11 countries convened at the Green Climate Fund (GCF) technical meeting in Santa Cruz, Bolivia on April 25, 2024 to propose nine axes for a new forest economy. The meeting focused on applying good science and technologies to maintain social and political support for sustainable development, including policies and practices that promote sustainable forest management and sustainable trade of forest products.

The International Tropical Timber Organization's (ITTO) work in enabling members to scale up forest solutions was highlighted at the meeting. Emphasis was placed on the importance of forest landscape restoration to ensure that tropical forests can perform their vital planetary roles. "ITTO's accreditation as an entity by the Green Climate Fund on March 5, 2024 signifies that it meets the GCF's requirements for project management," noted a representative from ITTO.

Why this matters: The proposed new forest economy and focus on sustainable forest management have significant implications for combating climate change and preserving biodiversity. Tropical forests play an essential role in regulating the Earth's climate and supporting a vast array of plant and animal species.

Positive trends in timber markets were observed in some countries in March 2024, according to the ITTO-supported Global Timber Index (GTI) Report. The accreditation of ITTO by the GCF earlier in the year demonstrates the organization's commitment to meeting international standards for project management in the forestry sector.

Key Takeaways

• 11 countries convened at GCF technical meeting in Bolivia to propose 9 axes for new forest economy.
• ITTO's accreditation by GCF signifies it meets project management requirements for sustainable forestry.
• Proposed new forest economy aims to combat climate change and preserve biodiversity through sustainable practices.
• Positive trends in timber markets observed in March 2024 according to ITTO-supported Global Timber Index.
• ITTO's accreditation demonstrates its commitment to international standards for forestry project management.