Brazil is planning to create a $125 bn fund to protect its tropical forests, which will be announced during the COP30 climate summit this November.
This fund is part of a broader strategy to ensure that climate talks lead to real action, reported Bloomberg. This move comes in response to concerns that the US withdrawal from the Paris Climate Agreement could slow down global efforts to address climate change. Brazil is taking a significant step to protect the environment and push for concrete climate action despite these challenges.
Discussions about the $125 bn fund are receiving a positive response as several countries like Germany, France, the United Arab Emirates and Singapore have already shown interest in contributing to the fund. Rafael Dubeux, Executive Secretary at Brazil’s Finance Ministry, shared that the fund will accept contributions when the COP30 summit kicks off in Belem, Brazil.
The Tropical Forests Forever Facility (TFFF), proposed by the Brazilian government at COP28 in Dubai in 2023, aims to financially reward countries for every hectare (unit of land area) of forest they successfully maintain. Countries with large forests like Brazil, Colombia, Indonesia and the Democratic Republic of the Congo are expected to benefit from this funding. The World Bank is helping develop and manage the fund, which will help incentivise the protection of tropical forests and their role in combating climate change.
The creation of forestry fund is one of the ways in which the Brazilian officials are planning to make COP30 a landmark event-along with plans to initiate discussions on multilateral carbon market and a common framework for defining sustainable investments. The summit, marks the tenth anniversary of the Paris Agreement, a global accord that binds every participating country in the world to keep warming to below 2 degrees Celsius and ideally 1.5 degrees Celsius relative to the pre-industrial levels.
Leaders to Speak Before COP30
According to Climate Home News, Brazil, the host of COP30, has revealed that world leaders will deliver their speeches on climate action several days before the official start of UN negotiations on November 10 to ease pressure on hotels and transportation in the medium-sized Amazon city of Belem.
