Dec 2, 2023
UK Commits Additional €35 Million to Brazil’s Amazon Fund
Bloomberg News
,![The National Forest in the Carajas mountain range near the Vale S11D mine in Parauapebas, Para state, Brazil, on Wednesday, May 17, 2023. Vale SA is plowing ahead with a $2.7 billion investment to expand iron output in Brazil's Amazon, betting demand for high-grade ore will stay strong in an overall softer market., Bloomberg The National Forest in the Carajas mountain range near the Vale S11D mine in Parauapebas, Para state, Brazil, on Wednesday, May 17, 2023. Vale SA is plowing ahead with a $2.7 billion investment to expand iron output in Brazil's Amazon, betting demand for high-grade ore will stay strong in an overall softer market.](/polopoly_fs/1.2006304.1701551281!/fileimage/httpImage/image.jpg_gen/derivatives/landscape_620/the-national-forest-in-the-carajas-mountain-range-near-the-vale-s11d-mine-in-parauapebas-para-state-brazil-on-wednesday-may-17-2023-vale-sa-is-plowing-ahead-with-a-2-7-billion-investment-to-expand-iron-output-in-brazil-s-amazon-betting-demand-for-high-grade-ore-will-stay-strong-in-an-overall-softer-market.jpg)
(Bloomberg) -- The UK committed an additional €35 million ($38.1 million) to Brazil’s Amazon Fund, an international conservation initiative aimed at ending deforestation in the world’s largest rainforest by 2030.
The UK will also transfer €80 million to Brazil’s development bank, BNDES, fulfilling a commitment made in May by Prime Minister Rishi Sunak when President Luiz Inacio Lula da Silva was visiting London, according to a statement Saturday at the COP28 conference in Dubai.
Read more: UK Commits $100 Million to Brazil’s Amazon Fund, Joining US
The Amazon Fund halted operations in 2019 when Germany and Norway froze contributions in response to former President Jair Bolsonaro’s environmental policies. It resumed upon Lula’s inauguration in January, and has become a focus of the leftist leader’s efforts to put climate change and environmental protection at the center of his global agenda.
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