World leaders gathered near the Amazon rainforest for the second day of crucial climate discussions, as Brazil sought greater international commitment to fund tropical forest preservation.
Brazilian President Luiz Inácio Lula da Silva met with German Chancellor Friedrich Merz, aiming to secure Germany’s backing for an ambitious scheme that rewards the protection of endangered forests around the world.
"We are supporting this initiative; Germany is contributing considerably," Merz said. "If Germany says 'considerable,' it will be considerable."
The initiative, called the Tropical Forest Forever Facility, raised $US5.5 billion ($A8.5 billion) in pledges on the first day of the United Nations climate summit. Norway and France joined Brazil and Indonesia in supporting the plan.
The fund ultimately aims to mobilize up to $US125 billion ($A193 billion) to compensate 74 developing nations for each hectare of forest they protect. Unlike traditional aid, it will rely on interest-bearing investments, using profits both to repay creditors and to reward sustainable forest management.
Global leaders backed Brazil’s drive to fund the protection of tropical forests, with Germany pledging major support for a new financial model to curb deforestation.