Norway and UK announce 94 million USD of new funding to the Amazon Fund
At COP28, Norway announced a new contribution of 50 million USD and the UK a new contribution of 44 million USD in addition to previously pledged funds.
Dubai, 11 December, 2023
The new funding was announced at theCOP28 UN climate conference on Monday, 11 December 2023, during a 15 year celebration of the Amazon Fund. Norway announced a new contribution of 50 million USD and the UK a new contribution of 44 million USD in addition to previously pledged funds
Most important funding mechanism for Brazilian rainforests
The Amazon Fund has for 15 years been the most important mechanism for international rainforest support to Brazil. It has provided much needed funding to establish monitoring of the Amazon, combating illegal activity in the region and directly supported the management of more than one million km2 of indigenous people’s territories and other protected areas.
"The Amazon Fund has proven to be an effective solution for financial rainforest support to Brazil amplifying Brazilian efforts for the Amazon", says Toerris Jaeger, Executive Director at Rainforest Foundation Norway.
More countries pledge support to the Amazon Fund
The fund has largely been supported by Norway (94%), Germany (6%) and has recently been promised support also from Switzerland, UK, Denmark and the US. However, hardly any of the newly promised support has yet been disbursed to the fund.
"Brazil needs international support to fulfill its ambition of zero deforestation in the Amazon. This vital rainforest is of global importance for climate and biodiversity, and protecting it is a responsibility that cannot lie with Brazil alone. We can only keep the 1.5 degree target alive if more countries contribute to rainforest protection, such as through the Amazon Fund", says Toerris Jaeger.
Potential for more support to Indigenous peoples and local communities
RFN estimates in its report Falling Short that 16% of the disbursement through the Amazon Fund goes to IPLC tenure and forest management activities. This type of support has the potential to increase, but is high compared to other forest funds (for example the World Bank Readiness Fund has disbursed 1,4% to this topic).