Last year, the Brazilian government proposed a plan to pay countries to preserve their tropical forests. Over the past few months, they have been finalising details and garnering support.
On Thursday, as part of COP30, they unveiled the long-awaited details of the Tropical Forest Forever Facility(TFFF), which has already drawn in $5.5 billion (€4.7 billion) in pledges.
What is the Tropical Forest Forever Facility?
The fund is President Luiz Inácio Lula da Silva’s flagship project as he welcomes world leaders to the edge of the Amazon for COP30— an effort to draw attention and money to the imperilled rainforest crucial to curbing global warming.
Financed by interest-bearing debt instead of donations, the fund, dubbed theTropical Forests Forever Facility, seeks to turn the economic logic
Continue Reading on Euronews
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.