Brazil has received approval for a $247m investment plan aimed at promoting reforestation and increasing the use of nature-based solutions in the Amazon and Cerrado regions. The plan, approved by the Climate Investment Funds (CIF), will finance restoration projects and support sustainable development. The announcement was made on the official website of the Brazilian Government.
The investments include $47m from the CIF, $100m from the Climate Fund through the National Bank for Economic and Social Development (BNDES), and $100m from the World Bank. The funding will be channelled to the private sector to support rehabilitation projects and the creation of sustainable production chains.
The Nature, People and Climate (NPC) Investment Plan for Brazil aims to develop nature-based solutions to combat climate change, restore ecosystems, and strengthen the resilience of rural communities.
The plan is projected to lead to the restoration of 54,000 hectares of forests, reduce CO2 emissions by 7.75 million tonnes, and create up to 21,000 direct and indirect jobs, TV BRICS reported.
Brazil now has 18 months to develop an implementation plan, including detailing the specific projects to be undertaken under the NPC framework.
