Brazil unveils USD 1 billion for tropical forest fund
Brazilian President Luiz Inácio Lula da Silva announced a USD 1 billion investment in the Tropical Forest Forever Facility (TFFF). The announcement was made during a presentation of the tool promoted by Brazil and the United Nations (UN) secretariat in New York on Tuesday (Sep. 23).
“Brazil will lead by example and become the first country to commit to investing USD 1 billion in the fund,” he said, inviting partners and other countries represented at the event to make “equally ambitious contributions” so that the TFFF can become operational at the UN Climate Change Conference (COP30), scheduled for November in Brazil.
Before the announcement, President Lula highlighted the importance of the fund for the world, in particular for the Global South.
“The TFFF will change the role of countries home to tropical forest in tackling climate change through real economic incentives,” he said, noting that the fund was established with support from the World Bank and in consultation with society as well as indigenous and local communities.
“The TFFF is a mechanism for preserving life on Earth. Tropical forests provide essential ecosystem services for climate regulation. They’re home to the world’s largest freshwater reserves, protect the soil, store oxygen, and absorb carbon dioxide,” he added.
Contributions, he went on to note, can be made by any country and should leverage a mixed fund whose dividends will be distributed annually among investors and countries that maintain their forests standing.
“This shows that China, Norway, the UK, the United Arab Emirates, among other countries, are also committed to making initial contributions so that the fund can actually be announced during COP30 and begin its implementation,” said Karen Oliveira, director of public policy at the Nature Conservancy Brazil.
