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Catanoso Reports: Brazil Supports Novel Forest Financing Mechanism

New York City’s Climate Week held disappointments on the subject of emissions pledges, but some positive news emerged. As reported by Board Member Justin Catanoso, Brazilian President Luiz Inácio Lula da Silva announced that his country will invest the first $1 billion in the Tropical Forest Forever Facility (TFFF), a proposed $125 billion fund to conserve tropical forests worldwide.

The financing tool, proposed by Brazil in 2023 and advanced at the COP16 biodiversity summit in Colombia in 2024, offers a market-driven approach that enriches investors and developing nations alike. Following da Silva’s promise, more nations, including China, Norway, the UK, Germany, Japan and Canada, appeared ready to contribute.

Brazil’s minister of the environment and climate change Marina Silva, shown here in an October 2024 meeting at COP16 in Colombia, has been instrumental in TFFF development and was in New York City during Climate Week to discuss it with other environmental ministers. Image by Justin Catanoso for Mongabay.

Much more has to happen for the TFFF to fully launch, including commitments of $25 billion from sovereign nations and $100 billion from private investors. All eyes will be on the COP30 in Belém, Brazil this November.

Read on to learn more about the novel funding mechanism and its implications in the latest reporting from Justin Catanoso.

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