COP28: Brazil launches $250bn global fund to safeguard forests across 80 nations

The fund was launched at the climate summit by Brazil’s environment minister, Marina Silva.

The mechanism “builds on existing initiatives such as the Leaf Initiative and the Amazon Fund,” said Glenn Hurowitz, CEO of environmental advocacy group Mighty Earth, in a social media post.

“It would require investment from donors and companies, and reward long-term reductions in deforestation and forest restoration at the national level. This is the kind of scale that nature needs. It’s great to see it coming from the Brazilian government.”

Brazil expects the funding mechanism to be fully operational by COP30.

Garo Batmanian, director general of the Brazilian Forest Service, emphasized that payments from the facility would be based on the area of forest conserved or restored – not on carbon value, biodiversity or environmental services. This would make it easy to set up, verify and monitor.

In addition to incentives for conservation, the scheme should also include disincentives for deforestation and forest degradation – for example, payments would be reduced by 100 hectares for every hectare deforested. 

The fund “recognises the role of tropical forest conservation for biodiversity, carbon sequestration and cooling, as well as its importance for social and economic development,” said Silva.

Collaborative model 

The idea is that the facility would mobilize funding from governments and the private sector. It would be administered by a global organisation, and monies could be accessed by tropical countries that meet thresholds for limiting deforestation.