A new alliance of rainforest nations - sought by Brazil's President-elect Luiz Inácio Lula da Silva - could be key to unlocking conservation funding and bolstering a flagging global forest pact at the COP27 climate summit, environmentalists say.
Before narrowly winning Brazil's run-off election vote on Oct. 30, Lula began reaching out to Indonesia and the Democratic Republic of Congo about forming a united front of tropical forest countries, according to a top aide of the leftist leader.In the run-up to the COP27 U.N. climate summit, taking place in Egypt from Nov. 6-18, green groups urged Brazil and other forest nations to team up to increase their bargaining power during talks with potential donors over rainforest protection.
But as forest-rich countries grapple with energy and food price pressures linked to Russia's war on Ukraine, on top of fiscal pain from the COVID-19 pandemic, tapping into natural resources is seen by many as a solution. The deal, which has seen slow progress so far, was underpinned by $19 billion in public and private funding commitments to invest in protecting and restoring forests.
If the three most important potential government sellers of forest carbon credits join forces, however, that could help boost the price paid per tonne of avoided CO2 emissions, he added.
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