Brazil’s finance minister expects $10B for forest protection fund
Brazil’s Finance Minister Fernando Haddad said on Monday (Nov. 3) that the country has set a goal of raising $10 billion in public investments from other nations for the Tropical Forests Forever Fund (TFFF). The mechanism envisions financially rewarding countries that preserve their tropical forests through a global investment fund.
According to Haddad, the goal should be achieved by the end of next year, during Brazil’s presidency of the United Nations Climate Change Conference (Conference of the Parties). He added that the amount refers to resources allocated by governments and could increase with the participation of other entities, such as foundations, funds, and companies.
“If we end the first year with $10 billion in public funds, it would be a great achievement,” the minister told reporters after attending a series of meetings at the COP30 Business & Finance Forum, hosted by Bloomberg Philanthropies in São Paulo.
“To reach $10 billion, it would be enough for a few G20 countries to join so we could begin compensating nations that preserve tropical forests, especially those in debt and lacking the resources to maintain them. The TFFF would support this initiative,” he added.
Haddad acknowledged that the proposal is “ambitious,” but said he believes it is achievable. “I believe we will get there,” he stated.
The minister said he is optimistic about the proposal’s approval. “Of the original ideas that have emerged in recent years, the TFFF is the one most ready to succeed. There is another, much larger one — the carbon market coalition — but it will require a lot of engineering to get off the ground,” he noted.
The government’s ultimate goal is for the fund to raise $125 billion, with 20 percent ($25 billion) coming from sovereign countries and 80 percent ($100 billion) from private capital.
COP30
In an interview with journalists, the minister said that in this first round of negotiations, held in São Paulo and attended by investors and financiers, there were “concrete signs that some ideas may begin to get off the ground.” He added that the meetings held on Monday (3) indicated a willingness for Brazil’s COP to become a milestone.
“From what I heard today from investors and financiers, there is greater willingness to get this train moving faster. So I believe we’re going to have a great COP,” said the minister. “Some countries are already signaling announcements during the COP,” he added.
The minister pointed out Brazil is at the forefront of the global debate on sustainability.
“Not only at the COP, but also within the G20, we have been leading the debate on sustainability. For the first time, we have a group of finance ministers participating in the COP and delivering a report to it - a result of the work carried out within the G20,” he said. “Brazil wants to make this COP a pragmatic and proactive event,” he emphasized.
