Dec 17, 2018

The current contribution of Norway to the Fund is 70% higher than the amount of 2017

Next Monday, 10, and Tuesday, 11, BNDES will represent the Amazon Fund at COP24, in Poland 

The Brazilian Social Development Bank (BNDES) this Thursday, 6, signed a donation contract with the Ministry of Foreign Affairs of Norway worth US$ 70 million from the Norwegian Government to the Amazon Fund.

The resources donated by Norway refer to the forest year of 2017 (from August 2016 to July 2017). This is the fourteenth donation from the Scandinavian country to the Amazon Fund and represents a 70% increase in comparison with the resources received last year.

Fundraising for the Amazon Fund is calculated each year based on the results achieved by Brazil in the reduction of carbon emissions from deforestation in the Legal Amazon. For this, the annual deforestation rate is compared to a historical average of ten years, adjusted every five years. It is up to the Amazon Fund’s Technical Committee, composed of renowned experts, to validate the effective reduction of emissions in each period.

COP 24 – BNDES will represent the Amazon Fund at the United Nations’ 24th Conference of the Parties on Climate Change (COP24), to take place between December 03 and 14 in Katowice, Poland. On the 10th, the Bank will conduct a presentation about financing large-scale forest recovery projects in Brazil and, on the 11th, about payment by REDD+ results (reducing emissions from deforestation and forest degradation).

Amazon Fund — Created in 2008 and managed by BNDES, in coordination with MMA, the Amazon Fund has more than 100 projects supported and is considered the main international mechanism of payment by REDD+ results. In October this year, the initiative reached the R$ 1 billion mark in disbursements.

The Amazon Fund supports 345 small and medium institutions in the production and marketing of sustainable products, such as açai berry, Brazil nuts, rubber, cocoa, cassava flour, crafts, fishing and community tourism, having directly benefited 142,000 people, contributing to the improvements of the local population’s life and to the conservation of natural resources.

Between 2004 and 2017, Brazil registered a 72% reduction in annual deforestation rates in the Amazon region, which allowed the collection of more than R$ 3 billion in donations to the Amazon Fund. This reduction is considered one of the main contributions to the fight against climate change.