A considerable amount of money has flowed into the 2023 Amazon Fund account. It is noteworthy that as much as $500 million of the $640 million has been transferred by the administration of US President Joe Biden over five years. The impressive sums, however, are still awaiting approval from the US Congress.

Other donations came from the UK, Denmark and the European Union. Norway, the original donor to the fund, contributed USD 1.2 million and added more funds in 2023. Germany, the second country to support the Amazon Fund, did the same.

Since Lula da Silva became the President of Brazil in 2023, deforestation in the Amazon has decreased to its lowest level in seven years. Unlike his predecessor, Jair Bolsonaro, who denied the existence of a climate crisis, the new head of state has a different approach to the issue.

Tereza Campello, the National Development Bank environment director, reported that the Amazon Fund currently has 3 billion reais (equivalent to $610 million) in its account, which will be used for conservation and sustainable development projects. Over 2 billion reais are under study for release, and 800 million are awaiting appropriate applications.

Tereza Campello presented the achievements of the Amazon Fund at a press conference held on February 1st, accompanied by Deputy Environment Minister Joao Paulo Capobianco. He stated that Brazil's progress in the fight against deforestation has helped the government find donors and that more and more countries want to get involved.

The Amazon Fund was established in 2008 to gather donations for non-refundable investment in Brazilian initiatives to prevent, monitor, and combat deforestation. Moreover, the fund also donates money to promote the conservation and sustainable use of the Amazon forest.

Scientists emphasise the crucial role of the Amazon forest in maintaining a healthy environment. Rainforests can slow down global climate change by absorbing significant amounts of carbon dioxide from the atmosphere.

Source: reuters.com