Brazil to propose mega fund to conserve forests at COP28 climate summit

Brazil plans to propose a "huge" fund to pay for the conservation of tropical forests at the United Nations COP28 climate change summit that begins later this month in Dubai, the country's top climate negotiator said on Thursday. 

That potential financing mechanism, not previously reported, would be the latest in a proliferation of multilateral environmental funds. Countries agreed in the past year to establish a giant fund dedicated to biodiversity and another to pay for the destruction caused by climate change. 

The funds funnel money from rich countries to poor developing nations that struggle to otherwise pay for their environmental efforts. 

Brazil is the world's largest rainforest nation and contains some 60 percent of the Amazon jungle. It is seen as vital to curbing climate change and protecting unique plant and animal species. 

Brazil presented the idea of a tropical forest conservation fund on Thursday at a meeting with ministers from seven other Amazon rainforest countries, according to Brazil's top climate diplomat Andre Correa do Lago. 

"It's a conceptual proposal with a view to create a fund to help conserve tropical forests around the world...in 80 countries," Correa do Lago said. 

He said that the proposal is not finalized and Brazil is seeking support and suggestions from the other rainforest nations. 

Asked if the fund would rival the $100 billion in annual funding previously promised by rich nations in climate financing, Correa do Lago declined to give the proposed size of the fund but said it would be "huge." 

The fund would not value forest conservation in terms of carbon, like many existing schemes, since protecting forests would primarily prevent further greenhouse gas emissions rather than absorbing additional carbon dioxide already in the atmosphere, Correa do Lago said. 

He said the value would likely instead be linked to the area of forest measured in hectares, or units of 0.01 square kilometers. 

The international proposal to conserve forests will be partnered with a domestic program to reforest destroyed areas. 

Brazil also will launch plans at COP28 for an "Arc of Restoration" to counter the so-called arc of deforestation that is advancing ever deeper into the Amazon. 

National development bank BNDES will run the project, he said.