At the upcoming UN climate summit in Dubai this this month in Dubai, Brazil plans to propose the creation of a huge fund to which rich countries would pay into to protect tropical forests around the world.
Brazil presented the idea at a meeting with seven other Amazon countries on Thursday, Reuters reports UNN.
This is a conceptual proposal to create a fund for conservation of tropical forests around the world... in 80 countries
He said the proposal is not yet finalized and Brazil is seeking support and suggestions from other rainforest countries. It is noted that Brazil will try to get support from other countries.
This potential funding mechanism, which has not been previously This potential financing mechanism, which has not been previously reported, will be the latest in the proliferation of multilateral environmental funds. Last year, countries agreed to create a giant fund dedicated to biodiversity and another to pay for the devastation caused by climate change.
The funds funnel money from rich countries to poor developing countries that developing countries that have difficulty paying for their environmental efforts otherwise.
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Brazil is the world's largest rainforest country and contains about 60% of the Amazon rainforest. The forest is considered vital for climate change and protecting unique species of plants and animals.
When asked if the fund would compete with annual funding of $100 billion previously pledged by rich countries in climate finance rich countries in climate finance, the Brazilian representative refused to name the the proposed size of the fund, but said it would be "huge."