Tag Archives: President Lula

Mongabay: Brazil leads push for novel forest finance mechanism ahead of COP30 summit

Tropical forests like this one in the Peruvian Amazon could qualify for annual payments from the Tropical Forest Forever Facility (TFFF) to help keep them standing and delivering planetary ecosystem services — especially carbon sequestration that slows the rate of climate change. Image by Justin Catanoso

In this story, I revisit a promising initiative I first wrote about at the UN biodiversity meeting in Cali, Colombia, in October, 2024. At Climate Week 2025, Brazilian President Lula stepped forward to pledge the first $1 billion to a tropical forest protection fund unlike any other, as my sources have told me.

Highlights from my story, as summarized from my story by my editor, Glenn Scherer.

  • The Tropical Forest Forever Facility (TFFF) — a proposed $125 billion fund to conserve tropical forests worldwide — was developed by Brazil in 2023, and pushed forward in 2024 at the UN biodiversity summit in Colombia. Since then, momentum has built in support of this market-driven approach to conserving tropical forests.
  • Once fully established, the $125 billion fund would spin off as much a $4 billion in interest annually (above what is paid to investors), potentially going to more than 70 TFFF-eligible developing nations, which collectively hold more than one billion hectares of tropical forests. The fund could be operational before 2030.
  • At Climate Week in New York City on Sept 23, Brazilian President Luiz Inácio Lula da Silva announced that his country will invest the first $1 billion in the fund. Other nations, including China, Norway, the UK, Germany, Japan and Canada seem poised to contribute. Even oil producing nations like Saudi Arabia have shown interest.
  • But hurdles lie ahead: TIFFF needs $25 billion from sovereign nations and $100 billion from private investors before a full launch, with Indigenous and local communities (IPLCs) to be major benefactors. The make-or-break moment for TIFFF is expected to occur at the UN climate summit (COP30) in Belém, Brazil Nov. 10-21, 2025.
Marina Silva, Brazil’s minister of the environment and climate change, has been instrumental in TFFF development and was in New York City during Climate Week to discuss it with other environmental ministers. She is shown here in an Oct. 2024 meeting with journalists at the UN biodiversity summit in Cali, Colombia. Image by Justin Catanoso for Mongabay.

Mongabay: COP29: With public climate finance shortfall, is investment capital a way forward?

The 29th United Nations climate summit was held in Baku, Azerbaijan, or COP29, the third consecutive major oil producer to host the international meeting of 196 nations. In each, the fossil fuel industry presence has been larger than most nations, and their influence far greater than the small, vulnerable nations suffering the most from climate impacts. Photo by David Akana/Mongabay

Between 2014 and 2021, I traveled to cover seven UN climate summits. I considered traveling to Azerbaijan for my eighth, but opted instead to cover my first UN biodiversity summit in Cali, Colombia. I was, however, asked by Mongabay editors to write a pre-story for COP29. I agreed. Because the overriding issue in Baku will be identifying the trillions needed for climate action (transition to renewable energy, low-carbon transportation, forest and wetlands protections, paying vulnerable nations for loss and damage), this story focuses exclusively on the issue of finance.

I was fortunate in Colombia to meet two experts in finance who agreed to be primary sources for my story: Andrew Deutz of World Wildlife Fund and Valerie Hickey of the World Bank. Deutz connected me with another exceptionally good source, economist Barbara Buchner with the Climate Policy Initiative.

The story hinges in large part on this reality: the wealthy nations of the G-20 have year after year failed to come close to meeting their promises of contributing billions of dollars to a range of COP-approved funds for climate action. For example, about $116 billion has been mobilized from wealthy nations, but the need is estimated at $2 trillion. Thus, the question becomes whether independent financial institutions such as the World Bank and International Monetary Fund, plus a host of private investment houses will step in and fill the gap, or at least some of it. Some experts say the money is there if institutions can secure a modest return on investment; critics howl that loans and investments only serve to burden poor countries — entirely blameless in the climate crisis — with more debt. My story explains the issues and opportunities.