1 July 2014: The International Tropical Timber Organization (ITTO) released the 23rd edition of its quarterly update on tropical forests. This special issue focuses on recognizing the value of forest ecosystem services and covers the proceedings and conclusions from the International Forum on Payments for Environmental Services (PES) of Tropical Forests.

The newsletter follows the format of the Forum with articles on the role of PES in sustainable forest management (SFM), innovative financing mechanisms, benefits for local communities, and governance and institutional arrangements. Overall, the bulletin emphasizes the important ecosystem services provided by forests, but notes that many of those benefiting from such services do not pay for them.

As such, the Forum suggests that the unique needs and priorities of forest users and owners should be considered in all PES processes and that safeguards should be designed in order to protect the rights of indigenous peoples and local communities. The Forum further calls for increased efforts to monitor the effectiveness of PES mechanisms, assess and value forest ecosystem services, and share experiences in the development and implementation of forest PES mechanisms.

Additionally, according to the newsletter, the forum recognizes the need to raise awareness on the value of forests, and the importance of paying for such services, all of which should be accompanied by investments in an improved policy, governance and business environment for PES.

The forum was convened jointly with the Food and Agriculture Organization of the UN (FAO) and the Government of Costa Rica. [Publication: Tropical Forest Update – Volume 23 No.1]