Brazil’s ambitious “Tropical Forests Forever Facility” has received a massive vote of confidence, with Norway pledging $3 billion to the new fund. This commitment was the biggest of the day at the Belem climate summit, bringing the total pledges announced by Brazilian officials to $5.5 billion.
The fund is the cornerstone of President Luiz Inácio Lula da Silva’s strategy to halt the destruction of tropical rainforests. It aims to provide financing to 74 developing countries as a payment for keeping their forests intact. Germany is also expected to announce its support soon.
The initiative, unveiled in the symbolic setting of the Amazon rainforest, is designed to make preservation economically rewarding. By using loans from wealthy nations and investors, the fund seeks to create a more powerful incentive than the short-term profits offered by deforestation.
These rainforests are critical to the world’s climate, absorbing vast quantities of carbon dioxide. Lula’s government is attempting to convince the world that the rewards of preserving these carbon sinks benefit all of humanity.
In a move to recognize frontline conservationists, the fund’s rules dedicate 20 percent of the money to Indigenous peoples. This comes as the UN Secretary-General warns of “deadly negligence” if the 1.5-degree warming limit is breached, though the summit’s unity is challenged by the absence of leaders from the US, China, and India.