The global forest funding initiative Tropical Forests Forever Facility (TFFF) and the reducing emissions from deforestation and forest degradation (REDD+) framework can generate a combined $9bn/yr to combat deforestation, Brazilian environment minister Marina Silva said on Monday.
The initiatives could "cover almost 60pc of the financing needed to eliminate deforestation by 2030," Silva told delegates at the pre-Cop summit in Brasilia on Monday, adding that the funding would be "an essential contribution" to implement the global stocktake, the process established by the Paris Agreement to assess the world's collective progress on climate action every five years.
Brazil was recently the first to make a financial commitment to its TFFF fund, investing $1bn in it. Brazil expects the fund to draw $25bn by November, with plans to attract private investments through initial public investments from supporting countries.
But there have been no further commitments to TFFF announced at pre-Cop as of yet, UN Cop 30 climate summit president Andrea Correa do Lago told reporters.
Silva also called for countries to invest in the bioeconomy, especially to conserve forests and oceans. The latter should receive some $16bn/yr, but receives only $1.2bn/yr, she said.
"It's time to turn commitments into action, plan and finance the transition to restoration, end deforestation and strengthen ocean conservation efforts," she said, echoing calls from climate activists to use Cop 30 to put previous Cop pledges into action.
