Brazil Proposes Global Scheme to Fund Intact Forests

People in scores of rainforest nations could be paid to preserve forest areas under a concept announced by the Brazilian president. It is unclear if the plan will get off the ground.Brazil proposed a new global fund to pay countries to keep their tropical forests intact, at the COP28 climate talks in Dubai on Friday.

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It called for the creation of a massive global scheme to help preserve rainforests in scores of countries, called the "Tropical Forests Forever" fund.

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The concept would pay residents and landowners who help preserve forested areas like the Amazon.

Rather than calculating their value in terms of carbon, biodiversity or environmental services, the proposed fund would assess forests based on their area, making it much easier to implement.

Brazilian officials said current funding mechanisms do not protect forests that are not deemed to be at risk. Brazil's Environment Minister Marina Silva said current policies only dissuade loggers from continued deforestation, but don't reward those who protect the forest.

Mauricio Bianco, vice president of Conservation International Brazil, welcomed the possibility of a new funding mechanism for rainforests, especially one driven by forest nations.

"It's tackling the climate crisis, it's tackling the major loss of biodiversity, and it's also tackling the social and economic development of the people that live there," Bianco told DW.

"It sends a clear message to the world that these countries are concerned about protecting the forest."

He warned that such a fund would have to support indigenous populations and grassroots organizations that are key to protecting forests.

It is still uncertain how much support Lula can muster from wealthier nations to fund such a project.

Brazil presents new image

The launch was part of a new image Brazil was showing at climate talks, positioning itself as a global leader on climate change and conservation as well as a multilateral powerbroker.

The move comes after years of climate inaction from his predecessor Jair Bolsonaro, who opened the door to major deforestation.

In an address at one of the opening events of the COP28 talks, Lula said people were sick of countries not living up to their previous climate pledges.

"The failure to fulfill the commitments made has eroded the system's credibility. We need to restore faith in multilateralism," Lula said.

"No country will solve their problems alone. We are all obliged to act together beyond our borders. Brazil is willing to lead as a role model," he added.

Figures from Brazil show a 22% reduction in Amazon deforestation this year under the Lula administration.

Financing forests

Brazil is home to 60% of the Amazon rainforest, the conservation of which is vital to limiting global warming, as well as ensuring the existence of important plants and animals.

Huge forests such as the Amazon and the Congo in Africa, help slow climate change by absorbing and storing vast quantities of the planet-heating greenhouse gas CO2. But they are largely in poorer countries and are frequently cut down for their valuable timber or to make way for grazing land or mining.

In 2021, more than 100 countries pledged to end deforestation by 2030, promising to invest $19 billion (€17.5 billion) in public and private funds in protecting and restoring forests.

Earlier this year, leaders from the Amazon, Congo Basin and Southeast Asia, signed a communique in Brazil calling for a new financial mechanism for the international community to pay for critical forest services.

Across the planet, deforestation increased 4% in 2022 compared to 2021, according to the Forest Declaration Assessment, an independent group that tracks progress on global forest goals. However, it said major rainforest countries such as Brazil, Indonesia, and Malaysia showed drastic reductions in forest loss.

It said current financing to stop deforestation efforts fall well short of the required levels, with just $2.2 billion in public funds channeled to forests every year, compared to the $460 billion required.

Brazil already has a track record with financing the preservation of forests. The country's Amazon Fund, backed by Germany and Norway, was revived earlier this year. Brazil also helps to monitor forests outside its borders.

Agriculture without deforestation

Ahead of COP28, Brazil also announced plans to increase Brazil's available agricultural lands by 60% over the next decade without cutting down more forest. Authorities would encourage farmers to to restore degraded grazing areas into productive farmland for crops, with backing from domestic financial institutions.

According to the Ministry of Agriculture, Brazil has 40 million hectares (99 million acres) of degraded grazing areas that are suitable for crops.

A commitment to oil

But Lula's administration has come under fire for its commitment to producing climate-wrecking fossil fuels.

In January, it is expected to join the OPEC Plus, a group of oil-producing countries that manipulate global oil prices by coordinating reductions or increases in production,

And Brazil's state-run oil company Petroleo Brasileiro SA is pushing for oil projects in the ecologically sensitive Foz do Amazonas, just one block of which is estimated to contain 5.6 billion barrels of oil.

This has caused internal government divisions, and brought criticism from environmental groups.

Lula has previously defended his country's continued oil exploration, saying it was in sovereign interests.

Edited by: Jennifer Collins

(The above story first appeared on LatestLY on Dec 02, 2023 12:10 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).