Brazil arrives at crucial crossroads for protection of Amazon rainforest

The preservation of the Amazon rainforest has been in the spotlight in recent months, with certain EU member-states pressing for additional deforestation safeguards in the EU-Mercosur deal that European Commission President Ursula von der Leyen has committed to finalising by the end of 2023. Just days before this declaration, the Brazilian government outlined its plan for Amazon protection, which should go some way towards ending illegal deforestation in the country by 2030.

Of course, realising these ambitions will require a colossal, concerted effort from the Brazilian government together with private landowners, companies, overseas investors, and international regulators alike. Crucially, substantial funding from high-level, multilateral sources must be diverted towards innovative ventures that harness the economic power of the global private sector and the expertise of local organisations to achieve the intended – and environmentally imperative –outcomes.

Glimmer of hope reemerging

Recent years have been nothing short of catastrophic for the Amazon rainforest, one of the “lungs of the planet” vital in absorbing carbon emissions and sustaining biodiversity. Deforestation in the area has reached record levels, rising by an average of 75.5% annually and culminating in a 150% surge last December followed by a new high in February – stark figures that spell out the challenges ahead.

Fortunately, the wheels of progress have begun turning in 2023, encouragingly reflected by the 66% year-on-year drop in deforestation reported by Brazil’s National Institute for Space Research (INPE) in early August. The Amazon Fund has notably seen a dramatic resurrection 15 years after its joint creation by Brazil and Norway, the latter of which has provided 93.8% of its $740 million funding to date, illustrating its relative failure to emerge as a truly global resource for combatting deforestation in its initial years.

Yet this picture looks set to change. The US has already pledged $500 million towards the Fund, while von der Leyen announced a €20 million EU injection in June via its Global Gateway initiative, as well as a €430 million in deforestation projects. Furthermore, Japan, Switzerland and France have also signaled interest in investing in recent months, indicating that the Amazon Fund is finally starting to take flight.

Investing in homegrown, holistic sustainability

These massive capital inflows will be key in safeguarding Amazon, but it’s equally important that they fund the right projects. Encouragingly, environmental analysts are anticipating a focus on projects that tackle illegal deforestation while generating broader socioeconomic value for local communities.

For example, the newly-proposed Mejuruá Project has seen the voluntary relinquishment of the right to legally deforest the 20% of the property, as part of a preservation plan of more than 900,000 hectares of forest, making the Mejuruá Project one of the largest forest conservation activities ever undertaken. According to the plans for the project, this ambitious initiative foresees to avoid some 80 million of CO₂ equivalent tons emissions over a 30-year period.  

Beyond conservation and avoiding carbon emissions, this Reducing Emissions from Deforestation and Forest Degradation (REDD+) project will also replenish biodiversity in the project area, contracting local citizens as “Forest Angels” to support surveillance and data gathering efforts, which will strengthen protections and provide better insights in order to tackle illegal deforestation. Furthermore, the Mejuruá Project aims to make a wide, lasting impact in the surrounding communities, including by creating new sustainable forestry and energy jobs, generating clean power and water, and enhancing education and healthcare services.

Meanwhile, Biofilica’s ‘Jari/Amapá’ project, an older REDD+ initiative, has saved some 66,000 hectares from deforestation in its initial run. Those efforts have not been in vain; the good work undertaken has prevented some 660,000 tons of carbon equivalent from being emitted each year, positively impacting over 300 families in 15 communities and safeguarding more than 2,000 species of fauna in the area.

Similarly to what Mejuruá is planning, Jari Amapá has adopted a holistic approach informed by the UN Sustainable Development Goals (SDGs), with interventions ranging from restoring biodiversity and developing local sustainable food systems to skills training and support in accessing new employment opportunities created by the project.

Crucially, both the Mejuruá and Jari Amapá projects involve partnerships with local organisations, ensuring their design and delivery are tailored to their local context. What’s more, both initiatives employ an innovative business model largely based on funds from the sale of voluntary carbon market (VCM) credits, making the prevention of rampant deforestation and the associated carbon removal economically viable.

Promising lifeline for planet’s endangered lungs

While the carbon credit market has come under intense scrutiny recently, with critics concerned that companies and governments are manipulating credits to count them twice as well as engaging in human rights abuses and greenwashing, well-designed carbon credit projects remain a vital tool in building a more environmentally-friendly world.

The Amazon is a perfect example. At present, little more than 2% of Brazil’s eligible forest concessions have been leased by private firms; however, the Brazilian Senate’s decision to approve a bill allowing the generation of carbon credits from those concessions could increase their revenues by 43%, producing a cumulative $24 million per year by conservative estimates. That’s no small chunk of change for bolstering Amazon’s defenses.

With deforestation having already destroyed 17% of the Amazon’s tree cover since 1970, there are real concerns that a tipping point could soon be reached. Considering its storage of some 150 billion tons of carbon – around 10 years of global fossil fuel emissions – we simply cannot allow this to happen.

Looking ahead, the Brazilian government will need to follow through on its ambitious environmental agenda and encourage investment from the USA, the EU, and elsewhere, while ensuring that this funds the right projects in order to protect the vital natural resource which is the Amazon.

(Disclaimer: The opinions expressed are the personal views of the author. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)