Protecting trees is key to meeting ambitious climate goals, with tropical rainforest loss accounting for about eight percent of annual carbon dioxide emissions, according to monitoring platform Global Forest Watch.
Indonesia, home to the world’s third-largest expanse of tropical forest, walked away from the $1-billion deal with Norway, having received only a tiny fraction of the money.
While figures show forest loss slowed in Indonesia in the past five years, authorities say they did not receive the expected first payment of $56 million for this success. Indonesian officials told the Jakarta Post they terminated the deal because Norway had shown “no goodwill” and set additional requirements such as documentation on how the cash would be spent.
Globally deforestation has only escalated in recent years—destruction of pristine rainforest was 12% higher in 2020 than the year before despite a global economic slowdown.