A new ambitious strategy to safeguard tropical forests is in the works at the COP30 UN climate conference in Brazil. The initiative, led by Brazil through the Tropical Forests Forever Facility (TFFF), is geared towards rewarding nations that successfully curb deforestation while also channeling funds into clean energy projects in developing countries.
Norway’s environment minister, Andreas Bjelland Eriksen, emphasized the importance of transitioning from merely reducing deforestation to permanently protecting tropical rainforests. Norway, along with Brazil, Indonesia, and France, has made substantial financial commitments to the initiative, with Norway pledging the largest amount of $3 billion US.
Brazil aims to kickstart the fund with an initial $10 billion US in the first year, already securing over half of the target amount. The TFFF functions as an investment fund, attracting investments from donor nations and the private sector to support forest preservation efforts while driving clean energy investments in developing countries.
The initiative comes amidst record levels of tropical forest loss in 2024, highlighting the urgent need for innovative solutions to combat deforestation. The proposed model involves investing in bonds issued by developing countries for clean energy projects, with returns used to compensate nations for preserving tropical forests.
Brazilian President Luiz Inácio Lula da Silva stressed the global significance of protecting the Amazon rainforest, urging collective action to prevent its collapse. The TFFF aims to raise substantial funds to support conservation efforts in over 70 tropical countries, with a specific focus on directing 20% of funding to Indigenous communities within these forests.
While Canada has yet to announce its contribution to the forest facility, the initiative is poised to make a significant impact on global conservation efforts. The TFFF is expected to generate approximately $4 billion US annually once fully operational, underscoring the critical role of international collaboration in preserving tropical forests.