Brazil Urges Shift to Investment in Climate Finance with TFFF Launch

Brazilian President Luiz Inacio Lula da Silva advocates for a shift in climate finance from donations to investment-based mechanisms, spotlighting the Tropical Forest Forever Facility (TFFF) set to launch in Belem. The TFFF aims to attract public and private sectors for global forest conservation.

In a bold move to reform climate finance, Brazilian President Luiz Inacio Lula da Silva announced a strategic shift from donation-centric models to investment-driven initiatives. Speaking at a press conference in Belem, Lula underscored the imperative need for such an evolution, citing the upcoming launch of the Tropical Forest Forever Facility (TFFF) as a pivotal step.

Lula emphasized that while donations hold significant value, they are often inadequate in meeting the monumental financial needs of climate action. "We want to move away from the era of donations," he stated. "Donations are very important, but they always fall short. If they didn't give us $100 billion, they won't give us $1 trillion," he added, highlighting the scale of financial efforts required.

The TFFF, a multilateral funding mechanism proposed by Brazil, seeks to mobilize resources from both public and private investors. Its mission is to support the global conservation of endangered forests, marking a substantial shift towards sustainable investment in the fight against climate change.

(With inputs from agencies.)