BRASILIA (dpa-AFX) - President Joe Biden, in his historic trip to the Amazon, has announced a set of new efforts to accelerate global action to conserve lands and waters, protect biodiversity, and tackle the climate crisis.
Prominent among them is a contribution of $50 million to the Amazon Fund, which will bring U.S. total contributions to the Amazon Fund to $100 million, subject to Congressional notification.
Biden announced that the United States Development Finance Corporation will mobilize hundreds of millions of dollars in partnership with a Brazilian company to reforest the Amazon.
DFC is providing a $37.5 million loan to Mombak Gestora de Recursos Ltda. to support the large-scale planting of native tree species on degraded grasslands in Brazil. The largest reforestation project in the Amazon, this is expected to sequester approximately 5 million metric tons of CO2 over 50 years while preserving biodiversity in the Amazon region.
The United States will also launch a Brazil Restoration and Bioeconomy Finance Coalition to mobilize at least $10 billion by 2030 to restore and protect 20,000 square miles of land.
The United States announced its support for Brazilian President Luiz Inácio Lula da Silva's vision of creating the TFFF, or the Tropical Forest Forever Fund. The new $125 billion fund will be used for conserving the world's most important forests. TFFF will attract substantial private capital investment.
This is in addition to Biden signing an official proclamation designating November 17 as International Conservation Day, aiming to support the conservation of nature around the world.
Biden, who is the first sitting U.S. president to visit the Amazon rain forest, said, 'It's no secret that I'm leaving office in January. I will leave my successor and my country in a strong foundation to build on if they choose to do so.'
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
