According to the Finance Minister, the target should be achieved by the end of next year, even during Brazil’s presidency of the United Nations Conference on Climate Change
The Minister of Finance, said this Monday (3), in which Brazil set as a target to raise US$10 billion in public investments from countries for the Tropical Forest Fund (TFFF). The mechanism is aimed at protecting forests and provides that countries that preserve their tropical forests will be financially rewarded via a global investment fund. According to Haddad, this goal should be achieved by the end of next year, even during Brazil’s presidency in . According to the minister, this value would refer to resources allocated by governments, with the value being able to grow with the adhesion of other types of entities, such as foundations, funds and companies.
“If we finish the first year with US$10 billion in public resources, it would be a great achievement,” the minister told journalists, after participating in a series of meetings at the COP30 Business & Finance Forum event, promoted by Bloomberg Philanthropies, in the capital of São Paulo. “And to reach US$ 10 billion, it would be enough for some G20 countries to join for us to start paying the countries that maintain tropical forests, especially those that are in debt, because they do not have the resources to maintain their forests. And the TFF would support this initiative”, he added.
Haddad admitted that this is an “ambitious” proposal but, according to him, possible. “I believe we will get there”, he said. The minister said he was optimistic about the approval of this proposal. “I believe that, of the original ideas that have emerged in recent years, the TFF is the one that is most ready to be successful. There is another one that is very big, which is the carbon market coalition, but that will require a lot of engineering to get off the ground”, he said. The government’s ultimate objective is for the fund to bring together US$125 billion, 20% (US$25 billion) from sovereign countries and 80% (US$100 billion) from private capital.
COP30
In an interview with journalists, the minister said that, in this first round of negotiations, held in São Paulo and in which investors and financiers participated, there were “concrete signs that some ideas may start to come to fruition”. According to him, the meetings held today, with investors and financiers, indicate that there is a willingness for the COP of be a landmark. “From what I heard today from investors and financiers, there is a greater willingness to make this train move faster. So, I believe that we will have a great COP”, said the minister. “We already have some countries signaling announcements during the COP,” he said.
For the minister, Brazil has been leading a very important debate in the world on the issue of sustainability. “Not only at the COP, but in the we have been leading the debate on sustainability, so much so that, for the first time, we have a club of finance ministers participating in the COP and delivering a report to the COP. This is already the result of the work that was done at the G20″, he said. “Brazil wanted to make this COP a pragmatic and purposeful COP”, he highlighted.
*With information from Agência Brasil
