Germany has pledged 1.15 billion dollars in support for Brazil’s new rainforest protection funds, providing fresh impetus to the global fight against deforestation and channelling resources towards Indigenous and traditional communities.
Brazil will receive this fund over the course of the next decade until 2035. The announcement was made by the Brazilian Environment Minister Marina Silva on Wednesday at the UN Climate Change Conference in Belem.
After the announcement, German Environment Minister Carsten Schneider and Development Minister Reem Alabali Radovan said in a statement, “This is about protecting the tropical rainforests, the lungs of our planet.” The South American nation estimates that the fund could eventually reach $125 billion, distributing around $4 billion annually after an initial ramp-up phase, nearly tripling the current international forest financing.
Tropical rainforests around the world have been described by climatologists and experts as the planet’s “green lungs” as they absorb substantial amounts of greenhouse gases. They also assist in cooling the atmosphere and have immensely diverse biodiversity, but face accelerating pressure from agriculture, pasture expansion and mining.
Norway has also pledged $3 billion over 10 years, while Brazil and Indonesia plan to add $1 billion each. Founding members of the initiative include Brazil, Colombia, Ghana, the Democratic Republic of Congo, Indonesia and Malaysia.
Approximately 70 developing nations could benefit from the climate support fund, with recipients free to decide how to invest it if at least 20 per cent goes to Indigenous peoples and traditional communities. At its official launch in early November, 53 countries — including 19 potential investor states — had already expressed support.
