Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
Context: According to a report by Down to Earth, the Congo Basin received just 4% ($40 million) of global forestry funding between 2017 and 2021. In comparison, the Amazon and Borneo-Mekong regions secured over $1 billion in the same period.
Addressing the Funding Gap
To address the financial shortfall for the Congo Basin, the Wildlife Conservation Society (WCS) has introduced the High Integrity Forest Investment Initiative (HIFOR). This innovative funding mechanism aims to protect the high-integrity tropical forests of the region.
High Integrity Forest Investment Initiative (HIFOR)
- Objective: HIFOR seeks to provide sustainable financing for the conservation of tropical forests in the Congo Basin, which are rich in biodiversity but underfunded.
- Key Features:
- Ecosystem Services Rewards: Forest managers are compensated for maintaining ecosystem services.
- Certification: The initiative certifies conservation efforts, ensuring that the forests being protected are of high ecological integrity.
- Revenue Sharing: Income from the sale of conservation certificates is distributed among stakeholders, incentivizing forest protection.
A pilot project for HIFOR has been initiated in the Nouabalé-Ndoki National Park in the Republic of the Congo, setting the stage for broader implementation across the region.