Combatting Global Deforestation Act of 2024

The Combatting Global Deforestation Act of 2024 establishes a program to provide outcome-oriented assistance to developing countries for conserving and restoring forests and other terrestrial ecosystems, and provides technical assistance to build capacity for such efforts. The bill defines key terms, sets goals for eligible projects, and authorizes funding.

Sec. 3, Definitions: Defines terms used in the bill, including 'additionality' (emissions reductions that would not have occurred without funding), 'appropriate local partner' (subnational governments, indigenous communities, or private landowners), 'country of concern' (Russia, China, North Korea, Iran, Venezuela, Cuba), 'deforestation' (change from forest to other land use), 'eligible project' (verifiable activity supporting terrestrial ecosystem services), 'emissions reductions' (reduced deforestation, reforestation, preservation, or enhancements), 'forest degradation' (reduction in forest stocks from human activities), 'nature-based solution' (conservation or restoration activity), 'outcome-oriented assistance' (aid provided only upon verified results), 'partner developing country' (eligible for official development assistance or with globally significant forests), 'terrestrial ecosystems' (natural grasslands, forests, mangroves, peatlands, wetlands, excluding tree plantations), 'terrestrial ecosystem services' (benefits like food, water, climate regulation, habitat, and cultural benefits), and 'Secretary' (Secretary of State).

Sec. 4, Verified International Forest Ecosystem Services Conservation Program: The Secretary of State shall establish a program to halt terrestrial ecosystem degradation, provide outcome-oriented assistance for eligible projects, and enhance restoration. The Secretary will develop criteria and work with partner countries to identify projects that help meet conservation goals, enhance ecosystem services, improve habitat, preserve unique forests, counter investments from countries of concern, and reduce illegal deforestation. Eligible projects must meet governance, safeguard, and transparency standards, and cannot use funds to amortize loans owed to entities owned by countries of concern. Projects must secure at least 10% of funding from non-U.S. sources. The Secretary may partner with multilateral programs and must prevent double counting. Multi-year agreements will govern assistance, with priority for projects combating illegal deforestation or countering malicious influence. The Secretary may negotiate for the U.S. to own title to emission reductions. Agreements can be terminated if a partner fails to uphold terms or if the project is not in the national interest. The Secretary must review projects, make funds and progress publicly available, and publish certificates for private donors. A trust fund is established in the Treasury, and $875,000,000 is authorized for each of fiscal years 2024 through 2027, with up to $4,000,000 for salaries and expenses.

Sec. 5, Nature-Based Solutions: The Administrator of USAID, in consultation with the Secretary of State, shall provide technical assistance to build capacities of partner developing countries and local partners to improve conservation, forest management, and restoration. Eligible activities include reducing deforestation emissions, enhancing carbon sequestration, monitoring and verification, assisting with conservation credit markets, developing domestic infrastructure for tracking credits, ensuring participation of women and indigenous communities, and ensuring additionality. $10,000,000 is authorized to carry out this section.