Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021

Floor Speech

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Mr. CASTRO of Texas. Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I rise today in support of H.R. 241, the Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021, introduced by Mr. Chabot.

In this Congress, the House Foreign Affairs Committee aims to reprioritize and redouble our legislative efforts related to the environment, conservation, and climate change. Climate change already poses a significant threat, and what we do now will significantly impact how damaging climate change will be in the years to come.

If we do not act now, we will fail to mitigate the adverse effects posed by climate change. We will see growing food insecurity, migration and conflict, threatening our shared interests and security.

President Biden has already set a positive, ambitious agenda for international climate action. His first summit, the Climate Leaders Summit, will take place this very week, on April 22, during which the United States will reclaim its leadership role in galvanizing international support for protecting our planet.

We will continue to work closely with other nations in the lead-up to the U.N. Climate Change Conference in Glasgow this November and beyond, understanding that nothing short of an international response can meet this incredible challenge.

We have our work cut out for us, no doubt, which is why I am pleased to bring forth this excellent bipartisan measure that would reauthorize the Tropical Forest and Coral Reef Conservation Act. This highly successful debt-for-nature program has yielded tangible environmental benefits and returns on investment since first enacted in 1998. It offers eligible countries the opportunity to reduce debt owed to the United States when they invest in local ecologically and economically vital forest and coral reef ecosystems.

It is a win-win situation. According to the Congressional Research Service, since 1998, restructured debt agreements have saved more than 67 million acres of tropical forests in countries such as Botswana, Brazil, the Philippines, and Indonesia. They help strengthen civil society in conservation and environmental protection efforts and build public-private partnerships in developing countries, thereby advancing U.S. international development and democracy objectives.

Furthermore, these agreements help reduce the debt in these developing countries, lessening fiscal pressures, promoting capital market reforms, and stimulating economic growth while helping to protect the environment.

The world's forests are nature's lungs, and the ocean's coral reefs support a quarter of all marine life. This legislation puts in place economic incentives that can help drive good environmental stewardship, while promoting robust democracies and economic growth overseas.

I am pleased to support this important bill and I urge my colleagues to do the same.

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Mr. CASTRO of Texas. Madam Speaker, I yield myself such time as I may consume for the purpose of closing.

Madam Speaker, H.R. 241, introduced by Mr. Chabot, is a bipartisan bill that reauthorizes the Tropical Forest and Coral Reef Conservation Act.

The debt-for-nature swaps created by this program have been highly successful in generating support for tropical forest or coral reef conservation activities in exchange for relieving debt owed to the United States Government. This bill is a win-win, protecting forest and coral reef ecosystems, lessening the fiscal burden of low-income countries, and stimulating economic growth in local communities.

I hope my colleagues, both Republican and Democrat, will join me in supporting this bill.

Madam Speaker, I yield back the balance of my time.

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