The Tropical Forests Forever Fund consolidates international support and launches a new climate finance model.

247 - During London's Climate Action Week, which ended this Friday (28), the Tropical Forests Forever Fund (TFFF) advanced as one of the most promising initiatives in the search for concrete solutions to finance the preservation of tropical forests. Launched by the Brazilian government during COP28, the mechanism is gaining strength as an innovative proposal to mobilize resources on a large scale, with payments based on results and strong participation of indigenous peoples and local communities. The information is from Agência GOV.

The event in London, considered one of the most important preparatory forums for COP30, which will take place in November in Belém (PA), brought together representatives from governments, financial institutions, civil society organizations, and indigenous leaders. Countries such as the United Kingdom, Norway, the United Arab Emirates, Colombia, Peru, Indonesia, the Democratic Republic of Congo, and Ghana expressed support for the TFFF, as did giants from the private sector, including Pimco, Bank of America, and Barclays.

"The Rainforests Forever Fund represents a bold, inspiring and extremely promising solution for the future. We are very pleased to collaborate with the Brazilian government on this initiative. It offers an opportunity for the Global North and South to work together, as a coalition of hopeful and determined people, in a world full of doubt and uncertainty," said Ed Miliband, UK Secretary of State for Energy and Climate Change.

The TFFF proposes a structural change in the environmental financing model by combining public investment and private fundraising, with the goal of mobilizing approximately US$4 billion annually for countries with tropical forests. Disbursements will be proportional to the area of ​​preserved tropical and subtropical rainforest, with satellite monitoring and penalties for deforestation.

According to Norway's Minister of Climate and Environment, Andreas Bjelland Eriksen, the Brazilian mechanism has the potential to transform global climate finance. "The success of the TFFF requires robust environmental and social safeguards, support from indigenous peoples, and committed funding. Norway is considering making a contribution and encourages other countries to follow the same path," he stated.

In addition to government backing, the financial sector has signaled a willingness to support the Brazilian proposal. Christian Stracke, president of PIMCO, highlighted that the fund has the potential to mobilize private capital on a large scale, as well as mitigate economic risks associated with biodiversity loss. "We welcome the TFFF as an innovative, inclusive model with the potential for scale and self-sufficiency," he stated.

The active participation of indigenous peoples and local communities was highlighted as a distinguishing feature of the TFFF. During the debates in London, the Global Alliance of Territorial Communities (GATC) and indigenous leaders reinforced the importance of ensuring that at least 20% of the resources are directly allocated to these groups.

Present at the meetings, the Minister for Indigenous Peoples, Sonia Guajajara, emphasized the Brazilian government's commitment to the effective inclusion of indigenous peoples in the mechanism. "Only 1% of the resources traditionally mobilized for climate action reach indigenous territories. The TFFF is an innovative and structural mechanism to reverse this injustice," she highlighted.

The Minister of Environment and Climate Change, Marina Silva, defined the TFFF as a "robust and innovative instrument that directs resources directly to those who conserve forests, guaranteeing a continuous flow of funding and social inclusion." According to her, the fund represents the necessary boldness to create a new pact between climate and forest. "Before we are abruptly changed by climate adversities, we need to change, with courage and disruptive capacity," she stated.

Representatives from countries with large forest areas, such as Indonesia and the Democratic Republic of Congo, also expressed support for the proposal. Haruni Krisnawati, senior advisor to the Indonesian Ministry of Forests, stated that the TFFF is a "transformative opportunity for all countries with tropical forests to advance innovation, equity, and climate ambition."

Professor Joseph Malassi, from the Democratic Republic of Congo, emphasized that the Brazilian mechanism addresses historical gaps in forest preservation funding. "We call upon bilateral, multilateral, and private partners to ensure that the TFFF is fully funded, transparent, accessible, and equitable. The forests cannot wait," he stated.

The TFFF differs from traditional models by functioning as a revenue-generating investment fund, based on payments for results and rewards for standing forests, rather than compensation for avoided deforestation. Furthermore, it promotes direct dialogue with traditional populations, recognizing the fundamental role of these groups in protecting biomes.

Tropical rainforests play a vital role in regulating the global climate, conserving biodiversity, and sustaining billions of people. The Tropical Rainforests Forever Fund represents, according to experts and authorities, an unprecedented opportunity to transform climate finance and expand support for countries that are home to these ecosystems crucial to the planet's future.