Its just been revealed that Canada pledged almost C$560 million ($392.5 million), over the last four years, to the Brazilian-led Tropical Forests Forever Facility.
The news has been brought to light by the Canadian government, in their statement from Sunday.
The Canadian Prime Minister Mark Carney explained their plan, as well as their commitment to the project during a meeting with Brazilian President Luiz Inacio Lula da Silva on the sidelines of the Association of Southeast Asian Nations summit in Manila.
According to a report by Reuters, Canada said the contribution ‘would help the fund to reach fundraising targets needed to begin operations’ and ‘attract further public and private investment’.
What’s important to note is that this commitment is actually part of Canada’s broader pledge that aims to provide more than C$13 billion in international climate finance to developing countries by 2031.
As for the Tropical Forests Forever Facility, it was launched at the COP30 climate summit in Brazil last year, and aims to grow to $125 billion, with about $100 billion in investments from the private sector.
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