A $250 million programme for financing renewable biological products in the Amazon has been announced by the Inter-American Development Bank (IDB) and Banco do Brasil.

The initiative aims to support biodiversity-friendly businesses such as rural producers based in the Amazon region, IDB said in a press release that did not disclose a launch date.

The organisations have signed a letter of intent to deliver the Bioeconomy Program for the Amazon – BB Amazon BID-Banco do Brasil – that aligns with Amazonia Forever, IDB’s programme for sustainable development in the Amazon.

Amazonia Forever defined the bioeconomy as “promoting sustainable economic alternatives and transforming the use of forest resources to generate value-added products and services, aiming at fostering a just economic transformation” on the IDB website.

Bioeconomy Program will also finance projects that generate renewable energy and boost connectivity of isolated locations in Brazil’s Amazonian states.

“This funding is intended to support initiatives that will yield income and reduce carbon emissions by combating deforestation, preserving biodiversity, responsibly utilising soil and natural resources, and restoring degraded areas,” said Tarciana Medeiros, president of government-controlled Banco do Brasil.

Carbon Pulse has asked for more details about the programme.

By Thomas Cox – t.cox@carbon-pulse.com

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