The UK announced a further R$ 215 million for the Amazon Fund

The UK announced on page (2) an additional contribution of 35 million pounds (approximately R$215 million) to the Amazon Fund. The announcement was made by the British Minister for Energy Security, Claire Coutinho, at the UN Conference on Climate Change 2023 (COP28), in Dubai, United Arab Emirates.

Earlier this month, the British Prime Minister, Rishi Sunak, had announced a contribution of 80 million pounds (approximately R$500 million) to the Amazon Fund. The first contract for the transfer of amounts was signed this Saturday (2), during COP23.

The contract was appointed by the President of the National Bank for Economic and Social Development (BNDES), Aloizio Mercadante. Public development banks are responsible for managing the Amazon Fund. The Minister of the Environment, Marina Silva, was also present.

Founded in 2008, the Amazon Fund is considered a major international initiative to reduce global gas emissions and preserve forests. They are doadores from countries such as Norway, Germany, the United States, Switzerland and, now, the United Kingdom.

Since its founding, the Amazonia Fund has received R$ 3.4 billion and funded more than 102 projects for forest conservation and promotion of sustainable activities in the Amazon, with a total investment of R$ 1.75 billion.

Taken back

In 2019, during the administration of Jair Bolsonaro, and then Minister of the Environment, Ricardo Salles, the two committees responsible for managing Amazon Fund resources were disbanded, making project funding and project continuity unfeasible.

The existence of these committees is a condition of the owner’s contract, to prevent the money from being used for other purposes. According to BNDES, Brazil decided to invest around R$3 billion in environmental action between 2019 and 2022, an amount that is still being withheld after the dissolution of two steering committees.

In October 2022, the Supreme Federal Court (STF) ruled that the Union took necessary provisions to reactivate the Amazon Fund. On this occasion, most ministers concluded that the dissolution of the two committees was unconstitutional, because it would lead to the government neglecting its duty to preserve the Amazon.

Reconstituted by decree on January 1, 2023 by President Lula, the committees will continue their activities, or allow the contribution of new resources.

Brazilian Agency