Dick Lugar: “Senator Biden and I are today introducing a bill to reauthorize appropriations for the Tropical Forest Conservation Act…”

“Senator Biden and I are today introducing a bill to reauthorize appropriations for the Tropical Forest Conservation Act of 1998 for the Fiscal Years 2002, 2003 and 2004. The United States has a significant national interest in protecting tropical forests in developing countries. Tropical forests regulate the hydrological cycle on which world agriculture depends. The genetic diversity contained in tropical forests is important for plant breeding. Twenty-five percent of prescription drugs come from tropical forests. Tropical forests also serve as carbon sinks, storing carbon to mitigate the potential effects of the increase in greenhouse gases on the world's climate. Avoiding tropical deforestation is essential to mitigating the threat of climate change. Worldwide, there is a net loss of thirty million acres of forests every year. The heavy debt burden of many developing countries encourages them to engage in unsustainable exploitation of natural resources in order to generate revenue to service external debt. The Tropical Forest Conservation Act addresses the economic pressures on developing countries through 'debt for nature' mechanisms that reduce foreign debt while leveraging scarce funds available for international conservation.”