Bryan Harris of The Financial Times reports that Brazil will propose a financing plan to protect tropical forests at COP28.
- The proposal will pay people to preserve the Amazon rainforest and reduce deforestation.
- While details have yet to be finalized, the funding mechanism for this plan will likely be an investment fund with money from institutions and long-term investors.
- This fund will set a rate of return and anything that this fund makes above this rate will go to protecting the Amazon.
- Importantly, Brazil’s ambassadors have stressed that in order for this strategy to be successful it must empower bottom-up, not top-down, action.
“‘It’s not top-down. It has to be a bottom-up exercise,’ said André Aranha Corrêa do Lago, a senior Brazilian diplomat, about Brasília’s environmental efforts. ‘At COP28, we’re going to have the beginning of a very important new stage. What has to be done will be debated first by the countries that have tropical forests.’ said André Aranha Corrêa do Lago, a senior Brazilian diplomat, about Brasília’s environmental efforts. ‘At COP28, we’re going to have the beginning of a very important new stage. What has to be done will be debated first by the countries that have tropical forests.'”
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