Smoke from a fire rises into the air as trees burn amongst vegetation in Brazil's Amazon rainforest near Humaita, Amazonas state, Brazil, August 3, 2023.
REUTERS/Leonardo Benassatto/File Photo Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - Brazil on Friday unveiled a proposal at the COP28 climate summit to set up a global fund to finance forest conservation that it hopes can raise $250 billion from sovereign wealth funds and other investors, including the oil industry.
The plan unveiled by Brazilian Environment Minister Marina Silva and Finance Minister Fernando Haddad calls for the creation of an innovative global instrument to remunerate the maintenance and restoration of tropical forests.
Brazil is asking other countries to contribute to the final design of the fund.
The funds would be deposited at a global organization, which could raise further resources by issuing low-risk bonds.
Persons:
Leonardo Benassatto, Brazilian Environment Minister Marina Silva, Fernando Haddad, Andre Correa, Lago, deforest, Lisandra Paraguassu, William Maclean
Organizations:
REUTERS, Rights, Brazilian Environment Minister, Finance, Reuters, Thomson
Locations:
Humaita, Amazonas, Brazil, Dubai