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illuminem summarises for you the essential news of the day. Read the full piece on The Straits Times or enjoy below:
🗞️ Driving the news: Brazil is launching a $167 billion fund to protect tropical forests ahead of hosting the COP30 climate summit in November
• The initiative, called the Tropical Forests Forever Facility, will pay nations for preserving forests, with support from Germany, France, the UAE, and Singapore
• The World Bank will help manage the fund, which aims to turn climate pledges into concrete action
🔭 The context: The U.S. withdrawal from the Paris Agreement and shifting global priorities have slowed climate progress, increasing the need for Brazil’s leadership
• The Amazonian city of Belem will host COP30, marking the 10th anniversary of the Paris Agreement
• Brazil also plans to push for carbon market reforms and a global framework to prevent greenwashing in sustainable investments
🌍 Why it matters for the planet: Deforestation remains a major driver of climate change, with 6.4 million hectares lost in 2023 despite progress in Brazil
• Protecting forests buys time in the fight against global warming, as trees absorb billions of tonnes of CO₂ annually
• Brazil's proposed carbon pricing mechanism could help regulate emissions, especially if wealthy nations commit to stricter targets
⏭️ What's next: The success of COP30 will depend on global cooperation, especially with the U.S. retreating from climate diplomacy
• Brazil is working with BRICS nations (China, India, South Africa, Russia, Indonesia, and the UAE) to advance climate finance discussions
• The integration of global carbon markets could be a key legacy of the summit, if a critical mass of countries supports it
💬 One quote: “The decarbonisation train has already left the station. There’s no turning back.” – Ana Toni, COP30 CEO and Brazil’s Vice-Minister for Climate Change
📈 One stat: $25 billion in public loans will be used to attract $100 billion in private sector investment for the forest fund
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