Brazil Could Lose Billions If It Does Not Pursue Environmental Conservation in the Amazon
The Amazon risk losing billions in aid if Brazil does not pursue environmental conservation in the area. Proof of this is the Amazon Fund, currently paralyzed after the actions and accusations by President Jair Bolsonaro (PSL) and Environment Minister Ricardo Salles. The fund has received US$ 1.3 billion in donations, with just under half of the amount already disbursed. The fund came to a standstill after Salles tried to change its management and accused the NGO projects of financial irregularities. The minister said he had reviewed a quarter of the contracts and had not submitted any documents citing isolated data. Recipience of the Amazon Fund used the money for several objectives, including fighting the growing fires in the Amazon that lead to the current political and environmental crisis. But the money that goes into the forest doesn't just come from the Amazon Fund. If deforestation gets out of hand, another relevant financial source that can dry up is the international philanthropic network, says Ana Toni, executive director of the Climate and Society Institute, which works to raise funds for social and environmental projects in Brazil. Philanthropic money is hyper-conservative. Donors want to see the resource employed in a way that is proven to improve the lives of people in that region. Future negotiations are also at stake in the GCF Green Climate Fund, a mechanism governed by the Paris Agreement that allows developing countries to raise money from rich countries to mitigate greenhouse gas emissions.