Biden announces $500 million Amazon fund over the next five years

In March, during Lula’s visit to Washington, the Biden government offered a US$50 million donation to the fund

This contribution is made in light of Brazil’s “Renewed Commitment to Ending Deforestation” | Credit: Reuters/Sarah Silbiger

Brasilia/Washington – The President of the United States, Joe Biden, announced on Thursday that he intends to invest $ 500 million in the Amazon fund over the next five years, during the virtual forum of large economies on climate and energy, in which Brazil is participating.

A senior US government official told Reuters that the Biden team will have to work with Congress to secure that intended funding for Brazil’s environmental protection initiative, which President Luiz Inacio Lula da Silva’s administration reinvigorated this year.

“Today I am pleased to announce that I will be requesting funds so that we can contribute $500 million to the Amazon Fund and related activities over the next five years to support Brazil in eliminating deforestation by 2030,” said North America.

According to a document released by the White House this morning, the contribution comes in light of Brazil’s “renewed commitment to ending deforestation.”

The White House text states, “The President will call on other leaders to support the Amazon Fund.”

In March, during Lula’s visit to Washington, the Biden administration offered a US$50 million donation to the fund. The value ended up not being disclosed because it was considered low compared to commitments made by other countries.

During the virtual forum, in which Lula is participating this morning, the American also drew a $1 billion US contribution to the Green Climate Fund, which funds clean energy and climate change resilience projects in developing countries, doubling the overall US contribution.

Another announcement was made by the North American Financial Development Corporation, a development agency of the US government, in a $50 million loan program for the Latin American reforestation strategy of Timberland Investment Group (TIG), the North American arm. BTG Charter. The resource, according to BTG, will help achieve the goal of trying to raise up to $1 billion in investment to restore degraded lands in Brazil, Uruguay and Chile.

Biden, who has made tackling climate change a top policy priority, has set a goal of cutting US emissions by 50% to 52% by 2030 compared to 2005 levels, and said developed countries must help developing countries tackle the problem.

This month, the US Environmental Protection Agency proposed drastic emissions cuts from new cars and trucks by 2032 in an effort to boost electric vehicles. The White House said Biden also used the meeting to encourage group leaders to join a collective effort to promote zero-emission vehicles, and to reduce emissions from the transportation and energy sectors.

In addition to Brazil, the Large Economies Forum on Climate and Energy also includes Argentina, Australia, Canada, Chile, China, Egypt, European Commission, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico and Nigeria. Norway, Saudi Arabia, Turkey, United Arab Emirates, United Kingdom, and Vietnam.