House Majority Leader Steny HoyerSteny Hamilton Hoyer On the money – Presented by Citi – Democrats move closer to agreeing on Biden Pelosi’s agenda: Bill problems could be resolved at the end of the day House Democrats ignore Manchin MORE (D-Md.) On Wednesday he will present a bill that aims to reinforce President BidenJoe Biden Five Takeaways from a Bleak Night for Democrats Youngkin Wins Virginia Governor’s Race Michelle Wu Chosen as Boston’s First Mayor MORECOP26’s commitment to end and reverse deforestation by allocating billions of dollars to the effort.
The bill, first reported by CNN, calls for the creation of a $ 9 billion trust fund at the State Department that would be used to implement bilateral forest conservation efforts in conjunction with developing nations around the world, which is the same financial commitment that Biden made in the COP26 conference on Tuesday.
Leaders from more than 100 countries reached an agreement at the conference in Glasgow, Scotland, which aims to halt and reverse deforestation by 2030. The countries that reached an agreement represent more than 85 percent of the world’s forests. world, including the United States, Democratic Republic of the Congo, Brazil, Indonesia, China and Russia.
The promise includes $ 19 billion in total in public and private funds.
Biden, during brief remarks, said his administration would ask Congress to allocate $ 9 billion for forest conservation through 2030. He also said he would work with the private sector and local communities who bear the brunt of the effects of deforestation.
Hoyer is now turning Biden’s vote into action, introducing legislation to create the trust fund.
“We need them to keep it underground,” the Majority Leader told CNN when discussing how to prevent countries from cutting down trees. “The first step [is] stop losing the forest. “
The bill, if passed and signed into law, would allocate US funds to countries that are successful in preserving forests, grasslands and other carbon sinks on earth, according to CNN. The money will only be distributed if developing countries or communities can demonstrate that they previously made commitments for goals that can be independently confirmed.
“That is going to require an agreement, monitoring if they are doing what they say they do,” the majority leader told the network.
“If I rent your forest, I want to make sure you don’t cut down your forest,” he added, noting that monitoring can be done through satellite imagery or in-person visits.
Hoyer said he decided to use the trust fund model because allocations in the United States are typically valid for about five years, which is not long enough to maintain a bilateral agreement that includes funding with other countries, according to CNN.
He also said that while Biden and the legislation propose to allocate $ 9 billion, the effort will likely require “significantly more than that.”
“If you have an allocation of $ 9 billion, it runs out soon, then this creates a trust fund in the State Department to compensate,” Hoyer told CNN.
He said the legislation will not be included in Biden’s social spending package that lawmakers are still negotiating, but could be passed together during the annual appropriations process.
The Hill contacted Hoyer’s office for more information.