Belém, Brazil, Nov 7 (AP) – World leaders convened for a second day of pivotal climate discussions in Brazil, with a landmark initiative to safeguard tropical forests at the forefront of the agenda.
Brazilian President Luiz Inácio Lula da Silva seized the opportunity on Thursday to rally financial support aimed at curbing the relentless destruction of tropical rainforests and fulfilling commitments previously made but yet to be realized.
Lula has introduced the Tropical Forests Forever Facility, a financial vehicle designed to incentivize 74 developing nations to maintain their forest cover. The fund, backed by loans from affluent countries and commercial financiers, leverages interest-bearing debt rather than traditional donations, offering a more profitable alternative to deforestation.
The significance of Belém, the host city of this initiative and the discussions, cannot be overstated, as it lies in the heart of the Amazon rainforest—an essential component in global climate regulation.
While rainforest destruction generates income for cattle ranchers, miners, and illegal loggers, Brazil aspires to demonstrate that forest preservation yields far greater global benefits by sequestering substantial amounts of carbon dioxide, a greenhouse gas driving planetary heating when released into the atmosphere.
Amid detailed briefings on the fund's mechanics by senior Brazilian officials, Norway pledged a substantial USD 3 billion—the day's largest contribution—boosting prospects for Lula’s vision. Additional hope surrounds anticipated commitments from Germany, aligned with the planned meeting between Lula and Chancellor Friedrich Merz. In total, Brazilian officials announced pledges amounting to USD 5.5 billion.
The proposed guidelines stipulate that 20 percent of the funds be allocated to Indigenous peoples, who have been custodians of these lands for millennia. This year’s climate talks are expected to see strong representation from Indigenous groups, particularly from Brazil and neighboring nations.
Nonetheless, the summit's reduced participation highlights discord among countries and the myriad global challenges demanding attention. The absent leaders of the world's three largest polluters—China, the United States, and India—were conspicuous during preliminary leaders' meetings, ahead of the full-fledged climate talks launching next week.
UN Secretary-General António Guterres inaugurated the gathering with cutting criticism towards global powers, which, he claimed, are “entangled with fossil fuel interests, foregoing the public good.” He stated that allowing global temperatures to surpass the critical 1.5 degrees Celsius (2.7 Fahrenheit) limit set forth in the 2015 Paris Agreement would be a "moral failure and result in severe consequences." Every fraction of a degree rise translates to increased hunger, displacement, and loss, Guterres cautioned.
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