US launches $10 bln global forest coalition, other Amazon funding initiatives
The Biden administration announced a raft of new initiatives Sunday that will increase funding for forest conversation and restoration in the Brazilian Amazon, including the launch of a coalition that aims to mobilise at least $10 billion by 2030.
Read MorePREVIEW: Experts call for ambitious NDCs to spur investment, hope G20 summit will ease COP pressure
On the eve of a G20 meeting in Rio do Janeiro on next week, business groups and a Brazilian national official called for developing countries to submit ambitious national climate plans to elicit greater investment, while observers said the summit in Brazil could ease parallel finance negotiations at the UN climate summit in Baku.
Read MoreCOP29: Brazilian nature-based developers’ alliance signs carbon credits MoU with national export agency
A group of Brazil-based nature-based solutions (NBS) project developers and the nation’s export agency signed a memorandum of understanding (MoU) on Friday to promote the sale of carbon credits abroad.
Read MoreTimberland management firm’s LATAM reforestation fund reaches $500 mln, as Petrobras steps up Amazon investment
The timberland management division of a Sao Paulo-based investment bank has reached $500 million for its Latin American reforestation fund, while Brazilian oil giant Petrobras has pledged increased funding for ecological restoration in the Amazon in partnership with the country’s development bank.
Read MoreCOP29: Brazil launches climate funding platform with $10.8 bln in capital
Brazil’s national development bank has formally launched a climate investment platform that it said already has up to $10.8 billion in capital that could be mobilised, in support of its newly updated Paris Agreement pledge.
Read MoreBrazil’s Senate overcomes long-standing impasse, approves national ETS legislation
Brazil’s Senate voted Wednesday to approve landmark national ETS legislation, overcoming a year of negotiations to pass a cap-and-trade scheme set to be the largest in Latin America.
Read MoreCOP29: Brazil second country to submit new NDC round, aims to cut emissions by two-thirds
Brazil submitted its nationally determined contribution (NDC) plan that entails reducing emission by up to two-thirds to the UNFCCC at COP29 on Wednesday, but observers cautioned that the country needs to take steps to ensure its ambitions are met.
Read MoreCOP29: Verra, Amazonas state sign agreement to collaborate on carbon markets
Verra and the government of Amazonas have signed a memorandum of understanding (MoU) Wednesday on the sidelines of COP29 to collaborate on strengthening the Brazilian state’s engagement with carbon markets.
Read MoreWCI Markets: WCAs cool off post repeal defeat, CCAs gain amidst ARB update wait
Washington Carbon Allowance (WCA) prices cooled off after spiking following the defeat of a referendum to repeal the programme, while California Carbon Allowance (CCA) values rose amidst anticipation of greater regulatory clarity from ARB.
Read MoreBrazil’s Para to launch $44 mln forest restoration concession -official
The environmental secretary of Brazil’s Para said the state will launch at COP29 a R$250 million ($44 mln) concession for the restoration of 10,000 hectares of forest with the intention of generating carbon credits.
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