COP30: BNDES Approves $44 Million for Project Impacting Forest in Belém

BNDES (Brazilian National Bank for Economic and Social Development) has approved R$ 248.5 million ($44 million) in financing for a project linked to COP30 (United Nations Climate Change Conference) that impacts a remaining forest area in Belem, the city that will host the UN summit in November. The duplication and extension of Rua da Marinha, a long road bordering a green area in Paras capital, will cause deforestation of Amazon vegetation, leading to the loss of trees from 64 species including five of high ecological importance and two officially listed as endangered species in Brazils flora. The government of Para states that the road expansion is part of the COP30 infrastructure package, as it will be necessary to create space for public circulation during the conference, which is expected to draw 40,000 people. The environmental impact is detailed in the licensing documents, granted by a state government agency responsible for the project. BNDES says it followed all steps required by the banks policies to approve the financing.