Together with governments and leading companies around the globe, Amazon is accelerating climate action as part of the LEAF Coalition, an ambitious public-private initiative.
Amazon has announced that it helped mobilise $1 billion to protect the world’s tropical rainforests. Together with the governments of Norway, the United Kingdom, and the United States, as well as other leading companies, Amazon is accelerating climate action by committing upfront to purchase verified emissions reductions from countries committed to tackling one of the world’s most critical issues: reducing tropical deforestation.
This effort is made possible through the Lowering Emissions by Accelerating Forest finance (LEAF) Coalition. LEAF is an ambitious public-private initiative designed to help protect tropical forests—which benefit billions of people around the world—and to support sustainable development.
Amazon made the announcement during the World Leaders Summit, as part of the United Nations Climate Change Conference (COP 26). Just six months after it was launched at the Leaders’ Summit on Climate, the LEAF Coalition is now one of the largest-ever public-private efforts to protect tropical forests.
The LEAF Coalition also announced that Costa Rica, Ecuador, Ghana, Nepal, and Vietnam will sign the first letters of intent to supply emission reduction purchases to the LEAF government and corporate participants. To date, 23 jurisdictions (countries, states, or provinces) have submitted eligible proposals to the LEAF Coalition. These proposals collectively amount to several times LEAF’s initial goal of 100 million metric tons of emissions reductions, the equivalent to taking 22 million cars off the road for one year.
How does LEAF work?
The LEAF Coalition focuses on three areas to help reduce carbon emissions and protect tropical rainforests. First, it helps buyers of emission reduction credits—companies like Amazon and the governments of Norway, the UK, and the U.S.—commit upfront to purchase verified emissions reductions and mobilise funds.
Second, the coalition helps governments in tropical forested regions reduce emissions across their jurisdictions, adhering to a rigorous carbon crediting standard, including safeguards for Indigenous populations and local communities. Lastly, payments are transacted upon delivery of verified credits, also known as results-based payments.
As a co-founder of The Climate Pledge -a commitment by companies and organisations to reach the goals of the Paris Agreement 10 years early- Amazon knows that addressing the global crisis of climate change will require taking bold measures. Amazon'swork over the past six months with world governments and leading businesses cements the company's commitment to climate initiatives and its understanding of its role and responsibility in this space as one of the largest companies in the world.