The science is clear: halting loss of tropical2 forests—the home and heritage of Indigenous Peoples (IPs) and local communities (LCs)3 who have long been their guardians—is necessary to address climate change and achieve the Paris Agreement goals.i Yet, tropical forest loss and degradation have proven difficult to reduce, generating large greenhouse gas (GHG) emissions and threatening IPs’ and LCs’ rights, culture, and livelihoods, as well as biodiversity. Losing these forests also undermines the enormous potential for intact and recovering forests to continue to sequester carbon from the atmosphere and cool the Earth’s surface through evapotranspiration and other biophysical processes. Furthermore, the conservation and restoration of tropical forests and the ecosystem services they provide for people and nature are foundational to sustainable business in every part of the world. Many companies have extensive dependencies on functioning forests and other ecosystems, including for regulation of local climate stability and hydrology, maintenance of agricultural productivity and pollination services, and safeguarding public health and safety. These dependencies, along with the urgent need for private-sector leadership to tackle tropical forest loss, are more apparent than ever,ix fueling significantly enhanced ambition from companies to help take on the climate change emergency.