By Lisandra Paraguassu
BELEM, Brazil (Reuters) -Norway will contribute about $3 billion to the Tropical Forests Forever Facility, a multilateral fund proposed to support global conservation of endangered forests, the government said on Thursday, during a leaders’ summit ahead of the U.N. climate talks known as COP30.
The donation, first reported by Reuters, is the largest contribution announced yet to the new fund proposed by the summit host Brazil.
Norway’s government confirmed in a public statement that it would contribute up to 30 billion crowns ($2.99 billion) by 2035 to the fund, which aims to use government contributions to raise far more private funding.
Brazil and Indonesia have each committed $1 billion to the fund. Brazilian Finance Minister Fernando Haddad said this week he sees $10 billion in public funds as an ambitious but feasible target for the fund’s first year.
Policymakers envision the TFFF as a $125-billion fund combining sovereign and private-sector contributions that would be managed like an endowment, paying countries annual stipends based on how much of their tropical forests remain standing.
($1 = 10.04 Norwegian crowns)
(Reporting by Lisandra ParagrassuWriting by Isabel Teles and Brad Haynes; Editing by Nia Williams)
Comments