NEW YORK: Brazil will invest one billion dollars in a new global fund to protect endangered tropical forests worldwide.
President Luiz Inacio Lula da Silva announced the contribution to the Tropical Forests Forever Facility during a United Nations event on Tuesday.
Brazil becomes the first nation to commit funding to this multilateral conservation mechanism.
The initiative represents Brazil’s primary deliverable for the upcoming COP30 climate summit it will host in Belem this November.
“Brazil will lead by example,“ Lula declared before an international audience.
He urged other nations to present equally ambitious contributions to make the fund operational by COP30.
The announcement aims to encourage further financial pledges from both wealthy and developing economies.
Sources indicated the move seeks to break deadlocks in global climate financing discussions.
Razan Khalifa Al Mubarak, Special Envoy for Nature of the United Arab Emirates, praised Brazil’s leadership.
She described the fund as an innovative global south-led initiative marking a turning point.
Norway’s Climate and Environment Minister Andreas Bjelland Eriksen applauded Brazil’s pioneering pledge.
He emphasised the need to rapidly expand sponsor countries for the fund to reach its potential.
Several nations have shown initial support including China, the United Kingdom, and France.
Germany, Singapore, and the United Arab Emirates have also indicated backing for the initiative.
Policymakers envision the Tropical Forests Forever Facility as a 125 billion dollar endowment.
It would combine sovereign and private sector contributions managed through annual stipends.
Payments would reward countries based on how much tropical forest cover they maintain.
Brazil must first secure 25 billion dollars from governments and major philanthropies.
This initial funding could then attract another 100 billion dollars from private investors.
The fund represents a significant step in global efforts to combat deforestation and climate change. – Reuters
