World leaders seek solutions to preserve tropical rainforests

As world leaders head to a second day of climate talks being hosted in Brazil, a major proposal to protect tropical forests worldwide is sure to a major topic of discussion.

Brazil’s President Luiz Inácio Lula da Silva sought to mobilise funding to halt the ongoing destruction of tropical rainforests and advance the many unmet promises made at previous summits.

He is proposing a fund called the Tropical Forests Forever Facility that would pay 74 developing countries to keep their trees standing, using loans from wealthier nations and commercial investors. Financed by interest-bearing debt instead of donations, it aims to make it more lucrative for governments to keep their trees rather than cut them down.

The location where the proposal was announced and the talks are being held, Belem, is significant because the city is part of the Amazon rainforest, which is crucial in helping to regulate the climate. As senior Brazilian officials walked reporters through the fund’s inner workings, Norway pledged $3 billion — the biggest commitment of the day — raising hopes for Lula’s ambitions to become a reality. Germany expected to follow on Friday when Lula meets Chancellor Friedrich Merz.

France said it would consider contributing up to $576 million by 2030. Brazilian officials announced a total of $5.5 billion in pledges. The fund’s rules call for 20 per cent of the money to go to Indigenous peoples, who for millennia have managed and preserved lands.