New rainforest fund brings boost of optimism for international rainforest protection

The Tropical Forest Forever Facility was formally launched by Brazilian President Lula da Silva on Thursday, the 6th of November, at the start of the climate summit in Belém, Brazil. Norway’s prime minister, Jonas Gahr Støre, announced a contribution of USD 3 billion from Norway.

“TFFF is a complex mechanism based on a very simple goal: that it should be more profitable to leave the forest standing than to cut it down. The rainforest is essential for the habitability of our planet. The launch is an important and necessary milestone that can give new impetus to rainforest conservation,” said Toerris Jaeger, Director of Rainforest Foundation Norway.

Calls for additional support

TFFF has already received promises of financial support from Brazil and Indonesia, and more contributions are expected. Support from governments, in turn, forms the basis for mobilising private capital. Meanwhile, the pledged funds are far from the target of securing USD 25 billion in government contributions, so efforts to mobilise further support must continue.

“Brazil has shown impressive leadership in establishing the mechanism, and Norway deserves praise for making one of the early contributions to make the fund a reality. At the same time, we urge countries that have not yet committed support for TFFF to do so. We also remind governments to ensure that their support to TFFF comes in addition to existing climate finance, Toerris Jaeger said.