Canada to allocate up to $392.5 million to Brazilian fund for tropical forest protection
Canada will allocate up to 560 million Canadian dollars (about $392.5 million) over four years in support of the Brazil-led Tropical Forests Forever Facility.
As 1news.az reports citing foreign media, the funds are intended to protect tropical forests, preserve biodiversity, and combat climate change.
Canadian Prime Minister Mark Carney announced the allocation of the funds at a meeting with Brazilian President Luiz Inácio Lula da Silva on the sidelines of the ASEAN summit in Manila.
The leaders discussed the development of bilateral relations, the expansion of trade, and cooperation in the areas of critical minerals, energy, and defense. Carney also congratulated Lula da Silva on his reelection as president and noted his leadership on climate change issues.
In addition, Carney and Lula discussed reforming the multilateral system to address global challenges more effectively. The leaders agreed to stay in close contact.
Brazil is Canada's largest trading partner in South America. Last year, trade turnover between the countries reached $14.7 billion. The parties confirmed their intention to strengthen economic and defense cooperation, including within the framework of a bilateral defense agreement.
The Tropical Forests Forever Facility, launched at the COP30 climate summit in Brazil, aims to attract up to $125 billion, of which about $100 billion is planned to come from private investors. The Canadian contribution is intended to help the fund begin operations and attract additional public and private investment.
