Countries from the Amazon region formed a joint statement on Wednesday at a summit in Brazil to protect tropical rainforests, which play a crucial role in regulating Earth's climate.

The joint statement, titled "United for Our Forests," called for developing a financing mechanism, in order to enable the international community to contribute financially toward the essential services provided by forests.

The effective preservation of existing forests requires financial commitment by wealthier nations, said Brazil's President Luiz Inacio Lula da Silva. "They need to pay money not only to take care of the canopy, but to take care of the people who live under it."

The joint statement also called on developed countries to "fulfill their climate financing obligations and to contribute to the mobilization of $200 billion per year by 2030."

"Our countries must wield more influence over the management of resources allocated to the conservation and sustainable use of biodiversity," it said.

The statement was issued by eight nations including Bolivia, Brazil, Colombia, the Democratic Republic of Congo, Ecuador, Guyana, Indonesia, Peru, the Republic of Congo, Saint Vincent and the Grenadines, Suriname and Venezuela.

The eight nations are members the Amazon Cooperation Treaty Organization (ACTO), formed in 1995 with the purpose of protecting the Amazon region. Their current collaboration aims to strengthen their influence within global environmental dialogues, as they prepare for the upcoming COP 28 climate conference scheduled for November this year.

The rainforests in these countries are critical ecosystems in combating climate change. They are adept at absorbing substantial quantities of carbon dioxide, as well as providing habitats for a wide variety of species, including 18 percent of vascular plant species, 14 percent of birds and 13 percent of freshwater fish species, according to the World Wide Fund (WWF).

Despite its significance, the Amazon region has faced mounting threats over recent decades. Deforestation, fires and degradation have led to the loss of surface water and increased pollution. According to a 2022 WWF report, approximately 17 percent of Amazon forests have been converted to alternative land uses and an additional 17 percent have suffered degradation.