Amazon Fund Secures $640M In New Pledges For Rainforest Conservation In 2023

Amazon Fund Secures $640M In New Pledges For Rainforest Conservation In 2023 - Carbon Herald

In 2023, Brazil’s Amazon Fund for sustainable rainforest development received $640 million in new pledged donations from developed nations, according to Tereza Campello, the environmental director of the National Development Bank (BNDES) managing the fund.

Among these, $500 million came from the Biden Administration over five years, pending approval by the U.S. Congress, Campello was quoted as saying last week.

Additional donations were made by Britain, Denmark, and the European Union, while Norway and Germany, the original and second donors respectively, also provided extra funding.

Under President Luiz Inacio Lula da Silva’s administration, deforestation in Brazil’s Amazon decreased to its lowest level since 2018, following a surge during the previous presidency of Jair Bolsonaro, a climate-change skeptic.

Relevant: Amazon Deforestation Dropped 33.6% After Lula Became Brazil’s New President

Campello noted that the Amazon Fund currently holds $610 million (3 billion reais) for investment in conservation and sustainability projects, with some $443 million under review for release and the rest awaiting requests.

Speaking at a news conference alongside Deputy Environment Minister Joao Paulo Capobianco, Campello highlighted Brazil’s progress in combating deforestation, which has facilitated the Lula government’s efforts to secure new donations, with more countries expressing willingness to contribute.

Established in 2008, the Amazon Fund aims to gather donations for non-reimbursable investments in Brazil’s deforestation prevention, monitoring, and combat initiatives, as well as promoting the preservation and sustainable use of the Amazon forest.

The world’s largest tropical rainforest plays a crucial role in mitigating global climate change by absorbing substantial amounts of carbon dioxide from the atmosphere.

Among the projects supported by the fund is an international police cooperation center in Manaus, which facilitates collaboration among Amazon basin nations in policing the rainforest and sharing intelligence to combat illegal logging and mining, drug trafficking, smuggling, and other crimes.

Read more: Amazon Summit Seen As Important Step, But Without Clear Goals For Rainforest Protection

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