Brazil is proposing a new model for global conservation at the Belem climate summit, one based on finance rather than charity. President Luiz Inácio Lula da Silva’s “Tropical Forests Forever Facility” would use interest-bearing debt to pay 74 developing nations to protect their rainforests.
This is a direct challenge to the economic status quo, where it is often more profitable to cut down forests for ranching or mining. Lula’s plan aims to make preservation the more lucrative choice for governments.
The proposal is already attracting serious money. Brazilian officials announced $5.5 billion in pledges, including a cornerstone $3 billion commitment from Norway. Germany’s Chancellor Friedrich Merz is also expected to add to the fund.
The summit, held in the Amazon, emphasizes the global importance of these carbon sinks. Brazil is arguing that the entire world benefits from, and should invest in, their preservation.
The fund is also socially progressive, allocating 20 percent of its resources to Indigenous communities. This innovative plan is a key point of hope at a summit otherwise marked by the absence of top polluters and dire warnings from the UN.