At last year’s United Nations Conference on Climate Change (COP26), 141 leaders committed to halt and reverse forest loss and degradation by 2030. Forests, particularly tropical ones, are known to play a crucial role in removing carbon from the atmosphere, partially offsetting the effect of greenhouse gas emissions. This is a highly valuable service to the global climate, meaning the world should be willing to pay to ensure it happens. In this policy note, we look at just how valuable that service is, and put that in the context of aid efforts to protect forests.