FOREST Act of 2023

The FOREST Act of 2023 prohibits the import of products made from commodities (palm oil, soy, cocoa, cattle, and rubber) produced on illegally deforested land. It requires importers to provide detailed supply chain information demonstrating they've assessed risks of illegal deforestation, with enhanced requirements for products from countries identified as having inadequate deforestation protections. The bill establishes a fund using enforcement penalties to provide foreign assistance for countries working to eliminate deforestation, and offers procurement preferences for government contracts for products not linked to illegal deforestation. This law aims to reduce deforestation-driven emissions, protect biodiversity, and ensure ethical supply chains by addressing illegal deforestation in global trade.