Brazil Lowers Near-Term Target for $125 Billion Rainforest Fund
The COP30 host is aiming to raise $10 billion initially, down from an earlier target of $25 billion, for a new vehicle that will help countries protect their forests.
Fernando Haddad, Brazil's finance minister.
Photographer: Jonne Roriz/BloombergBrazil, host of the year's COP30 climate summit, is lowering expectations for how much initial investment it will raise for an ambitious fund designed to protect the world's rainforests.
Fernando Haddad, Brazil's finance minister, told the Bloomberg Green at COP30 conference in São Paulo on Tuesday that he believed the fund could raise $10 billion by next year. That's less than half of the original target of $25 billion for the so-called Tropical Forest Forever Facility. The initial funding would then be leveraged to create a $125 billion vehicle that will help keep trees from the Amazon to Indonesia from being cut down.