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illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: Despite international commitments to halt deforestation, such as those made at COP26 and reaffirmed at COP28, global deforestation rates continue to rise, with a significant loss of 6.6 million hectares in 2022
• The U.S. FOREST Act, seeking to combat this trend, aims to mandate companies to verify their products are not linked to illegal deforestation
🔭 The context: The FOREST Act reflects growing awareness among businesses of the financial, reputational, and physical risks associated with deforestation in supply chains, estimating risks upwards of $80 billion
• The act proposes a system requiring companies to ensure their supply chains are deforestation-free, backed by bipartisan support and potential amendments to facilitate its passage and effectiveness
🌍 Why it matters for the planet: Forests, crucial for biodiversity, livelihoods, and carbon sequestration, are still being destroyed at an alarming rate
• Legislative efforts like the FOREST Act, alongside international commitments, are vital for reversing deforestation trends and mitigating climate change impacts
• The act's approach to restrict deforestation-linked products from entering the market and providing assistance to countries facing deforestation challenges marks a comprehensive strategy against global deforestation
⏭️ What's next: The amended FOREST Act includes improvements like a 'trusted trader' program and an advisory committee with enhanced private sector representation, aiming to streamline implementation and ensure business perspectives are considered
• These changes, coupled with bipartisan support, heighten the act's potential for passage and signal a significant step forward in international efforts to combat deforestation
📈 One stat: There has been a 4% increase in deforestation worldwide compared to the previous 12 months
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