MercoPress. South Atlantic News Agency

Lula invites other countries to support TFFF initiative

“We will be proud to remember that it was in the heart of the Amazon rainforest that we took this step together,” insisted Lula

Upon launching the Tropical Forest Forever Facility (TFFF) during the Climate Summit in the Amazon city of Belém, in the State of Pará, on Thursday afternoon, Brazilian President Luiz Inácio Lula da Silva invited other nations to support the initiative. “Forests are worth more standing than cut down. They should be included in our countries’ GDP. Ecosystem services need to be remunerated, as do the people who protect forests. International green funds are not up to the challenge,” insisted Lula.

The TFFF, Lula stated, is an innovative financing tool to help countries conserve tropical forests, which are present in more than 70 nations, including Brazil. “The TFFF is not based on donations. Its role will be to complement the mechanisms that pay for the reduction of greenhouse gas emissions,” he pointed out.

The first contributions will be made by national governments, which will take the lead with resources that should activate the fund to leverage private capital. The proposal, designed by the Brazilian government, aims to initially reach US$25 billion with the participation of countries and US$125 billion with private capital. The resources generated from investments in high-return projects will finance the maintenance of preserved forest environments per hectare.

“The profits will be shared by tropical forest countries and investors. These resources will go directly to national governments, which will be able to guarantee long-term sovereign programs,” the president noted. The fund should also ensure that one-fifth of the resources are allocated to indigenous peoples and local communities, he went on. The maintenance of standing forests will be monitored by satellites capable of identifying compliance with keeping deforestation below 0.5% in eligible countries.

According to Lula, it will be possible to pay countries US$4 per hectare preserved. “It seems modest, but we are talking about 1.1 billion hectares of tropical forests spread across 73 developing countries,” he stated.

The announcement comes after the Brazilian government contributed US$1 billion on September 23, during the first dialogue to present the tool promoted by Brazil and the United Nations Secretariat (UNFCCC) in Brasília.

At the launch of the TFFF, the president also noted that the World Bank Board would host the TFFF’s financial mechanism and secretariat, with a governance model that is also hailed as innovative. Lula pointed out that several countries with tropical forests and financiers have announced their support for the mechanism. “We will be proud to remember that it was in the heart of the Amazon rainforest that we took this step together,” he declared.

Lula also said Thursday that the Brazilian government will expand the coverage of protected marine areas in the country, with a focus on the so-called Blue Amazon. The statement was made during the opening of the first thematic session of the Climate Summit in Belém, titled “Forests and Oceans.” The event brings together heads of state and government representatives in a program that precedes the United Nations Climate Change Conference (COP30), which begins on Monday (10).

“Brazil will protect the Blue Amazon through marine planning and the conservation of mangroves and corals. We will expand the coverage of our protected marine areas from 26 percent to 30 percent, fulfilling the goal of the Global Biodiversity Framework. Before exploring mineral resources, we will conduct studies to assess environmental impacts and establish conservation units,” said the president.

The region known as the Blue Amazon includes the sea surface, the waters above the seabed, as well as the seabed and subsoil within the Atlantic extension that stretches from the coast to the outer limit of the Brazilian Continental Shelf.

Lula also stated that the climate crisis has reached a point of no return, citing the widespread mortality of warm-water coral reefs as an example. He emphasized that ocean warming can alter the Amazon’s rainfall patterns and warned of the risk of savannization, which could have serious impacts on the global climate and agriculture. He underscored that only multilateralism can address the current scenario, stating that “no country can face the climate crisis alone” and that “it is time to join forces again and unleash synergy” among environmental agreements.

The president recalled historical achievements, such as the UN Convention on the Law of the Sea and the Montreal Protocol, and stated that Brazil will ratify the High Seas Treaty by the end of the year, which is set to come into effect in 2026. Lula stated that in 2024, “tropical forests disappeared faster than ever before” and that the world lost an area equivalent to Panama. He argued that only global cooperation can contain fires, deforestation, and ocean pollution. The president reaffirmed the goal of achieving zero deforestation by 2030. “This is one of our government’s main commitments,” Lula said.

According to him, the country has already reduced Amazon deforestation by more than 50 percent and recorded the lowest rate in the recent series. Brazil’s goal is to restore 40 million hectares of degraded pastureland over the next ten years. Lula stated that no tropical forest can generate climate solutions if it does not also generate solutions for the people who live in it.

“This is the COP of truth, for a pact to protect the life of forests, oceans, and humanity. It is time to turn ambition into action and to rediscover the balance between growth and sustainability,” the president added. (Source: Agencia Brasil)