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Brazil plans to propose a “huge” fund to conserve tropical forests at COP28, according to the country’s top climate negotiator.
A Reuters report said the fund would be the latest in a series of multilateral funds, with countries agreeing over the past year to establish a giant fund dedicated to biodiversity and another to mitigate destruction caused by climate change.
Both funds funnel money from rich countries to poorer nations that struggle to pay for their environmental efforts, Reuters said.
Brazil is the home of 60% of the Amazon jungle, and as a country it is seen as vital to curbing climate change and protecting unique plant and animal species.
The country presented the idea of a tropical forest conservation fund Thursday at a meeting with ministers from seven other Amazon rainforest countries, top climate diplomat Andre Correa do Lago said, with a view to help conserve tropical rainforests in 80 countries.
The proposal is not finalised and Brazil is seeking support and suggestions from the other rainforest nations, he said.
Correa do Lago declined to give the proposed size of the fund but said it would be “huge.”
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
