The Norwegian government announced an investment of US$ 3 billion and the French government US$ 500 million for the TFFF (Tropical Forests Forever Fund), which provides for investments in initiatives and countries that conserve and expand their forests. The contributions are in addition to investments by the Brazilian and Indonesian governments, which had allocated US$ 1 billion each, and bring the total to US$ 5.5 billion, more than half of what the government had hoped to raise during COP 30 in Belém. On the first day of the Leaders’ Summit in Belém, the fund was endorsed by 53 countries (see list below).
For André Guimarães, executive director of IPAM (Instituto de Pesquisa Ambiental da Amazônia) and Special Envoy to COP 30, who was present at the discussions at the Leaders’ Summit, the news is a great first step for the COP and paves the way for the financial mechanism to work.
“This could be the lever that was missing to really get the TFFF off the ground, attract other investors and start working. Most importantly of all: the project is closer to starting to generate revenue and keep the forest standing. This is one of the great expectations of the COP and it comes before the conference actually starts,” he says.
The TFFF, presented by Brazil at COP 28 in Dubai, seeks to reward countries that work to conserve and expand the coverage of their tropical forests. Unlike traditional funds, the TFFF aims to raise 125 billion dollars in public and private investments from all over the world. These funds will be invested in projects with a higher rate of return, generating a profit, the difference of which will be passed on to countries that present successful forest protection projects.
During Climate Week in New York, Brazil announced its commitment to allocate 1 billion dollars to the fund. During the announcement of the investment, President Lula also defended the TFFF as a solution devised by the Global South to respond to its challenges and emphasized the active listening of these countries and peoples to succeed in tackling the climate emergency.
See the countries that have endorsed the TFFF: Antigua and Barbuda, Armenia, Australia, Austria, Belgium, Bolivia, Brazil, Burkina Faso, Cambodia, Canada, China, Colombia, Costa Rica, Cuba, Denmark, Dominica, Ecuador, Finland, France, Ghana, Guyana, Guinea, Guinea-Bissau, Honduras, Indonesia, Ireland, Japan, Liberia, Madagascar, Malaysia, Mexico, Myanmar, Mozambique, Monaco, Nigeria, Norway, Netherlands, Panama, Papua New Guinea, Peru, Portugal, United Kingdom, Democratic Republic of Congo, Rwanda, Sao Tome and Principe, Sierra Leone, South Sudan, Sweden, Suriname, Zambia and the European Union.
More information:
Lucas Guaraldo Itaborahy
+55 61 9 9278 7561
lucas.itaborahy@ipam.org.br