COP30 must involve private funds to finance Amazon protection, NGOs demand

Brazil, which will host COP30 this year, must turn to philanthropy and the private sector to obtain the resources needed to protect the Amazon, which is crucial against global warming, several NGOs urged on Friday (4).

The United Nations climate change conference will take place in Belém, Pará, from November 10 to 21, amid financial uncertainty due to cuts in foreign aid budgets from the United States and several European countries.

“We urge Brazil to engage philanthropic organizations and private sector investors to commit financing that supports nature conservation and the Amazon biome,” eight environmental organizations said in a letter addressed to the COP presidency.

Signatories include The Nature Conservancy, Conservation International, IPAM Amazônia and Rainforest Trust.

According to the World Bank, approximately 7 billion dollars (37.9 billion reais) are needed annually to protect the Amazon, but “only 5.81 billion dollars (31.4 billion reais) were mobilized between 2013 and 2022”, explain the organizations, which call for the creation of “specific” funds for this purpose.

The first COP held in the largest tropical forest on the planet represents a “historic opportunity” for the conservation of this biome, “a cornerstone of global climate stability”, they add.

Wealthier nations pledged at last year's COP29 in Azerbaijan to increase spending on climate action in developing countries to $300 billion annually by 2035, falling far short of the $1.3 trillion annual target set out in the Paris Agreement.

“Some of these nations could join a coalition of [private sector] donors willing to announce financial support (…) as part of their contribution to this goal,” the organizations suggested.

Environment Minister Marina Silva said last week that she expects “concrete measures regarding financing” during COP30. However, she acknowledged that the conference coincides with “a very difficult geopolitical context,” marked by wars and increased military spending by richer countries.

The organizations propose “redirecting subsidies and perverse incentives” from agribusiness to environmental protection. They also suggest imitating models such as debt-for-conservation swaps implemented in countries such as Belize, Gabon and Ecuador.

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