Brazil: Brazil to propose mega fund to conserve forests at COP28 climate summit – NehalBlog

SÃO PAULO: Brazil plans to suggest a “big” fund to finance the conservation tropics forests on the United Nations COP28 local weather change summit that begins later this month in Dubai, the nation’s prime local weather negotiator mentioned Thursday.
This potential financing mechanism, beforehand unreported, can be the most recent in a proliferation of multilateral environmental funds. Nations agreed final yr to create a large fund devoted to biodiversity and one other to finance the destruction brought on by local weather change.
These funds channel cash from wealthy international locations to poor creating international locations that in any other case wrestle to finance their environmental efforts.
Brazil is the nation with the most important rainforest on this planet and accommodates roughly 60% of the Amazon jungle. It’s thought of important for curbing local weather change and defending distinctive plant and animal species.
Brazil introduced the concept of ​​a rainforest conservation fund at a gathering with ministers from seven different Amazon rainforest international locations on Thursday, in accordance with Brazil’s prime local weather diplomat, Andre Correa do Lago.
“This can be a conceptual proposal to create a fund to assist preserve tropical forests the world over… in 80 international locations,” Correa do Lago mentioned.
He mentioned the proposal was not finalized and Brazil was searching for assist and strategies from different rainforest international locations.
When requested whether or not the fund would rival the $100 billion in annual funding beforehand pledged by wealthy international locations for local weather finance, Correa do Lago declined to provide the proposed dimension of the fund, however mentioned it will can be “big”.
The fund wouldn’t worth forest conservation by way of carbon, as many current packages do, since forest safety would primarily stop new greenhouse fuel emissions somewhat than take up carbon dioxide extra already current within the environment, mentioned Correa do Lago.
He mentioned the worth would seemingly be linked to the world of ​​forest measured in hectares, or models of 0.01 sq. kilometers (0.0039 sq. miles).
The worldwide proposal for forest conservation will probably be related to a nationwide program for reforestation of destroyed areas.
Brazil may also launch plans at COP28 for a “restoration arc” to counter the so-called arc of deforestation that’s transferring ever deeper into the Amazon.
The nationwide growth financial institution BNDES will lead the mission, he mentioned.
“Brazil is again”
Shortly after successful the elections, President Luiz Inacio Lula da Silva on the UN final yr local weather summit COP27 introduced that “Brazil is again” as a world environmental chief.
This yr it should showcase Brazil’s progress on all environmental fronts, Correa do Lago mentioned, together with lowering Amazon deforestation within the 12 months by July to the bottom degree since 2018.
The eight Amazon international locations are additionally discussing a proposal on whether or not to make a joint dedication to finish deforestation by 2030, a purpose already endorsed by Brazil and a few others.
Correa do Lago mentioned the proposal was transferring ahead however declined to say whether or not the settlement may very well be introduced at COP28.
He mentioned Lula would do every little thing doable to get the world to step up efforts to restrict local weather change to a temperature enhance of 1.5 levels Celsius (2.7 Fahrenheit), regardless that many analysts say that purpose could be out of vary. World temperatures have already elevated by about 1.2 levels Celsius on common.
Correa do Lago declined to say whether or not Brazil would assist a COP28 determination to “section out” fossil fuels. At earlier COPs, China and India blocked this language, with the practically 200 international locations current as an alternative calling for a “phased discount” of fossil fuels.

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