Brazil's Lula urges multilateralism, launches $1b forest fund

Addressing the general debate of the UN General Assembly's 80th session on Tuesday, Brazilian President Luiz Inacio Lula da Silva called for the defense of multilateralism and peace in Latin America.

He voiced strong opposition to recent U.S. sanctions, saying unilateral measures against Brazil's institutions and economy are unjustified and that interference in the judiciary is "unacceptable."

Lula stressed that the fight against drug trafficking requires international cooperation and warned that using lethal force outside war amounts to "extrajudicial execution."

In his remarks on the climate crisis, Lula announced an investment of $1 billion in the Tropical Forests Forever Facility (TFFF), a multilateral funding mechanism it has proposed to support conservation of endangered forests.

"Brazil will lead by example," Lula said. "I invite all partners present to put forward equally ambitious contributions so that the TFFF can become operational at the 30th Conference of the Parties to the United Nations Convention on Climate Change (COP30)."

Policymakers envision the TFFF as a $125-billion fund combining sovereign and private-sector contributions that would be managed like an endowment, paying countries annual stipends based on how much of their tropical forests remain standing.

To achieve that lofty target, Brazil needs governments and major philanthropies to contribute the first $25 billion, which could then attract another $100 billion from private investors, under preliminary estimates.

(With input from agencies)