Brazil Pledges $1 Billion for Tropical Forests Conservation
Brazil's President Lula announced a $1 billion investment in the Tropical Forests Forever Facility at a UN event. This marks the first commitment to the multilateral fund aiming to conserve endangered forests, encouraging further contributions from global economies and pledging a total target fund of $125 billion.
At a United Nations event in New York, Brazil's President Luiz Inácio Lula da Silva unveiled a $1 billion investment in the Tropical Forests Forever Facility, a multilateral funding mechanism designed to aid the conservation of endangered forests.
The commitment sets Brazil apart as the first nation to pledge such a substantial investment to the fund, which seeks to encourage similar contributions from other countries. Lula called on wealthier nations to follow Brazil's lead by announcing ambitious contributions of their own.
The facility is anticipated to become a $125 billion fund, supported by both sovereign and private-sector contributions. It aims to distribute annual stipends to nations based on the preservation status of their tropical forests. Early support has been noted from countries such as China, the UK, and Germany.
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