UK opts out of flagship fund to protect Amazon and other threatened tropical forests

"The key announcement for Brazil at the leaders' summit on Thursday, which is taking place a few days before the start of the main Cop30 UN climate summit, will be the Tropical Forests Forever Facility (TFFF). This fund aims to raise $125bn for governments and local communities that protect existing forests, such as the Amazon and the Congo basin. Lula hopes to raise $25bn from public sources, mainly developed countries attending Cop30, with the rest to come from the private sector and financial markets."

"But he has had difficulty persuading cash-strapped governments, many of which are already cutting their aid budgets, to provide money. Under Joe Biden, the US was seen as a possible contributor, but with Donald Trump as president that will not happen. The UK's decision will be a major letdown, as Britain has previously played a big role in stopping deforestation. The Brazilians are fuming, one source told the Guardian."

"However, the Guardian understands Downing Street may consider contributing directly to the fund in future. The TFFF is regarded as being at too early a stage at present, and there are concerns about how it will work in practice. The UK has contributed to the structure financially underpinning the fund, but not directly to the fund itself, despite Brazil urging it to do so for months."

Keir Starmer attended a leaders' summit in Belem at the mouth of the Amazon ahead of the Cop30 UN climate summit. Brazil is promoting the Tropical Forests Forever Facility (TFFF), aiming to raise $125bn to support governments and local communities that protect forests like the Amazon and Congo basin. President Lula seeks $25bn from public sources, with the remainder from private capital and markets. Many developed governments are reluctant or cash-strapped and have cut aid budgets. The US will not contribute under Donald Trump. The UK has funded the fund's underpinning structure but will not yet contribute directly. Norway likely remains committed; Germany may waver. Concerns persist about the fund's readiness and operational design. Prince William's Earthshot prize nomination of the TFFF faces embarrassment.

Read at www.theguardian.com