To Reauthorize The Tropical Forest Conservation Act And Expand The Program To Include The Conservation Of All Forests And Coral Reefs And Associated Coastal Marine Resouces
Madam Speaker, today I introduce a bill to reauthorize and expand Rob Portman's landmark legislation, the Tropical Forest Conservation Act. This reauthorization will help developing countries reduce foreign debt and provide comprehensive…
Madam Speaker, today I introduce a bill to reauthorize and expand Rob Portman's landmark legislation, the Tropical Forest Conservation Act. This reauthorization will help developing countries reduce foreign debt and provide comprehensive environmental preservation programs to protect forests and endangered marine habitats around the world.
Since enacted in 1998, Tropical Forest Conservation Act programs have generated a total of $135 million over 10 to 25 years to help conserve 50 million acres of tropical forests in Asia, the Caribbean, Central and South America. But the rate of deforestation continues to accelerate across the globe in all types of forests.
Similarly alarming is the rapid rate of coral reef and coastal exploitation. The burden of foreign debt falls especially hard on the smallest of nations, such as island nations in the Caribbean and Pacific. With few natural resources, these nations often resort to harvesting or otherwise exploiting coral reefs and other marine habitats to earn hard currency to service foreign debt. According to the National Oceanic and Atmospheric Administration, 60 percent of the world's coral reefs may be destroyed by the year 2050 if the present rate of destruction continues.
The Forest and Coral Conservation Act will credit qualified developing nations for each dollar spent on a comprehensive reef preservation or management program designed to protect these unique ecosystems from degradation. This legislation will make available resources for environmental stewardship that would otherwise be of the lowest priority in a developing country. It will reduce debt by investing locally in programs that will strengthen indigenous economies by creating long-term management policies that will preserve the natural resources upon which local commerce is based.
Madam Speaker, this legislation has enormous consequences for the existence of critical ecosystems, the health of our planet, and the livelihoods of millions of people across the globe. I am proud to introduce the Forest and Coral Conservation Act, which will help preserve the world's most precious natural resources.