Please see our letter commenting on Version 2 of the Tropical Forest Forever Facility concept note, drafted with Griffith University in Australia and a number of other colleagues. While we continue to hope that the TFFF might yet become an innovative and important finance mechanism to help protect tropical forests and support Indigenous communities around the world, this second version of the concept note is unfortunately weaker than the first and significant problems could seriously undermine the TFFF and its attractiveness to investors. In particular, the threshold for forest cover (20%) is far too low, the definition of deforestation is unclear, and the methodology for monitoring degradation is not credible. TFFF 2nd letter GU WH 4-11 FINAL