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Written by Jake Spring and Simon Jessop
SAO PAULO (Reuters) – Brazil said on Monday it would partner with the world’s largest financial and environmental coalition to accelerate financing for clean energy and nature restoration efforts such as reforesting the Amazon rainforest.
The Brazilian Development Bank BNDES will partner with the Glasgow Financial Alliance for Net Zero (GFANZ), a global alliance of asset managers, banks and insurance companies, to mobilize public and private funds.
The partnership mirrors existing efforts to support countries, such as a $20 billion program to phase out coal in Indonesia, but Brazil’s announcement does not come with a multibillion-dollar investment commitment.
BNDES Chairman Aloyzio Mercadante He did not specify the expected investment amount or the timetable for the start-up, but told reporters the government would act “with urgency”.
The announcement comes as President Luiz Inacio Lula da Silva will lead the world’s efforts to tackle climate change over the next two years by hosting this year’s G20 economies and the UN COP30 climate change summit in 2025. This was done with the goal of playing a central role.
GFANZ co-chair mark carneyThe former Bank of England governor likened the program to a “more comprehensive” version of the Just Energy Transition Partnership’s (JETP) funding efforts to phase out coal in Vietnam, Indonesia and South Africa. . JETP is supported by the United States and other wealthy countries with public and private funds, including multilateral development banks.
“This is much more comprehensive across the economy, not just energy, and we’re making progress as opposed to addressing stranded assets,” Carney said on the sidelines of a green finance event in São Paulo. said.
Mr Carney and Mr Mercadante said the investment platform would support Brazil’s already vast renewable energy sector as well as a ‘reforestation project’ aimed at restoring 60,000 square kilometers (23,160 square miles) of degraded or destroyed Amazon rainforest. He said it will be used to expand projects like “Arc”.
(Reporting by Jake Spring in São Paulo and Simon Jessop in London; Editing by Brad Haines and Sandra Marler)
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