| 25 February 2024, Sunday |

Brazil to propose mega fund to conserve forests at COP28 climate summit

At the United Nations COP28 climate change summit, which takes place in Dubai later this month, Brazil intends to offer a “huge” fund to pay for the conservation of tropical forests, the nation’s chief climate negotiator announced on Thursday.

Not previously disclosed, that possible funding source would be the most recent in a long line of multinational environmental funds. In the last year, nations came to an agreement to create two massive funds: one for biodiversity and the other for the harm brought on by climate change.

The funds funnel money from rich countries to poor developing nations that struggle to otherwise pay for their environmental efforts.

Brazil is the world’s largest rainforest nation and contains some 60% of the Amazon jungle. It is seen as vital to curbing climate change and protecting unique plant and animal species.

Brazil presented the idea of a tropical forest conservation fund on Thursday at a meeting with ministers from seven other Amazon rainforest countries, according to Brazil’s top climate diplomat Andre Correa do Lago.

“It’s a conceptual proposal with a view to create a fund to help conserve tropical forests around the world…in 80 countries,” Correa do Lago said.

He said that the proposal is not finalized and Brazil is seeking support and suggestions from the other rainforest nations.

  • Reuters