DUBAI, Dec 3 (NNN-AGENCIES) — Within the framework of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai, UAE, the Brazilian Government announced proposed establishing a global fund to finance tropical forest conservation worldwide, with a total investment of up to 250 billion USD.
Speaking at a conference within the framework of the COP28 Conference, a representative of the Brazilian government said that the initiative called “Protecting Tropical Forests Forever” will help provide financial support to about 80 countries around the world in protecting tropical forests with annual payments based on forest area conserved or restored.
Countries participating in the fund must ensure that deforestation rates are low and gradually reduced according to regulations. Conversely, countries with increased deforestation rates will be fined.
André Correa do Lago, head of the Brazilian Delegation in charge of climate change negotiations at COP28, emphasized that countries with tropical forests will have to contribute to improving this proposal to join hands in mobilizing resources. mainly for the protection of tropical forests, biodiversity as well as the people who depend on them.
In this initiative, the Brazilian side calls for the creation of a global instrument to remunerate the maintenance and restoration of tropical forests.
The initial fund size is 250 billion USD and will be deposited in an international financial institution, which can mobilize additional resources through the issuance of low-risk bonds.
According to environmental experts, Brazil’s proposal has a model similar to the Amazon Forest Protection Fund, in which this South American country wants rich countries to financially support the fight to protect the tropical forest, the world’s largest. — NNN-AGENCIES
