President Emmanuel Macron has announced that France and two non-profits would contribute 100 million euros to an "action plan" for preserving the world's tropical forests.
The pledge was announced at the end of the two-day One Forest Summit in Gabon that aimed to assess progress made since last year's COP27 climate conference and renew targets for the preservation and sustainable management of the world's forests.
"We understood the need to have cash on the table and concrete actions," Macron said in a speech on the first full day of a four-nation Africa tour.
The funding from France is part of a commitment to kickstart a mechanism that aims to reward countries that are scientifically proven to have protected their forests or restored them.
The Walton Foundation will contribute €20 million and Conservation International €30 million.
Mapping carbon reserves
Macron said the scheme would be underpinned by research to improve the understanding of forests' value by mapping carbon reserves, biodiversity and levels of carbon sequestration in the Amazon, Africa and Asia.
How Central African countries such as Gabon manage their share of the world's second-largest rainforest is critical.
The so-called lungs of Africa store more carbon per hectare than the Amazon, help regulate temperatures, and generate rain for millions in the arid Sahel and distant Ethiopian highlands.
Macron said the new mechanism would address a current issue with carbon credit schemes where countries like Gabon with relatively untouched forests are not compensated as well as deforested countries that are planting new trees.
"It's a bit absurd," he said.
Closing the summit, Gabonese President Ali Bongo expressed satisfaction with its outcome and the outlook for the next climate conference.
"We have put in place a sound plan that will make COP28 the success we wanted it to be."
(with wires)
