The Los Angeles Post
California & Local U.S. World Business Lifestyle
Today: January 21, 2025
Today: January 21, 2025

Brazil seeks support for tropical forest preservation fund

Scientists from the State University of Mato Grosso identify signs of climate change on the border between Amazonia and Cerrado
July 26, 2024
Reuters - Reuters

RIO DE JANEIRO (Reuters) - Brazil is gathering support from other countries for the creation of a fund that will send resources to nations with tropical forests in order to preserve them, Finance Ministry officials said at the sidelines of the G20 meeting of finance leaders in Rio de Janeiro.

The so-called Tropical Forest Finance Facility will be financed by the governments that join the initiative and will also rely on private funds. Income from investments by the fund will be passed on to countries committed to forest preservation.

Finance Ministry official Joรฃo Paulo de Resende said an initial contribution of $25 billion by the countries is expected, which would allow the fund to leverage $100 billion in private bonds.

"It's a significant amount, much greater than what exists today. We estimate that if Brazil managed to eliminate deforestation, it would receive $4 per forest hectare, which would total around $1.3 billion a year," Resende said.

The fund would have rules penalizing deforestation, he noted.

The Brazilian government expects the fund to be officially launched at the United Nations Climate Change Conference (COP30) in the Brazilian city of Belem in November 2025.

So far, Resende said, the initiative has received signs of support from the US, the UK, France, Germany, Norway, Singapore, Colombia and the United Arab Emirates.

(Reporting by Bernardo Caram; Editing by Richard Chang)

Related

Americas|Election|Political|US|World

World leaders welcome Trumpโ€™s return to the White House

World leaders welcome Trumpโ€™s return to the White House

World leaders welcome Trumpโ€™s return to the White House
Americas|MidEast|Political|World

Taliban say 2 Americans held in Afghanistan were freed in a prisoner exchange

Afghanistanโ€™s Taliban government has announced the release of two Americans in a prisoner exchange

Taliban say 2 Americans held in Afghanistan were freed in a prisoner exchange
Americas|Political|US|World

Panama, familiar with US intervention, bristles at Trump's comments on canal

U.S. President Donald Trumpโ€™s insistence that he wants to have the Panama Canal back under U.S. control is feeding nationalist sentiment and worry in Panama, home to the critical trade route and a country familiar with U.S. military intervention

Panama, familiar with US intervention, bristles at Trump's comments on canal
Americas|Crime|Political|US

Trump supporters who stormed US Capitol begin to leave prison following sweeping pardons

Donald Trump supporters who attacked the U.S.

Trump supporters who stormed US Capitol begin to leave prison following sweeping pardons
Share This

Popular

Americas|Political|US|World

For one Honduran single mom fleeing threats, Trump dashes American dream

For one Honduran single mom fleeing threats, Trump dashes American dream
Americas|Lifestyle|Travel

โ€˜We love it hereโ€™: Why this American couple swapped New York for Uruguay

โ€˜We love it hereโ€™: Why this American couple swapped New York for Uruguay
Americas|Health|Political|US|World

Germany to lobby Trump on WHO withdrawal, agency hopes for U-turn

Germany to lobby Trump on WHO withdrawal, agency hopes for U-turn
Americas|Australia|Sports

Coco Gauff stunned by Paula Badosa at the Australian Open, ending her 13-match win streak

Coco Gauff stunned by Paula Badosa at the Australian Open, ending her 13-match win streak

Thanks for reading The Los Angeles Post

Create your free account or log in to continue reading.

Already have an account? Sign In