Brazil has $167 billion plan to make COP30 talks rare climate success

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

Click for more news covering the latest on climate change mitigation