Latest news with #TropicalForestsForeverFacility
Time of India
07-07-2025
- Business
- Time of India
BRICS demand wealthy nations fund global climate transition
Leaders of the BRICS group of developing nations prepared to address the shared challenges of climate change on Monday, the final day of their summit in Rio de Janeiro, demanding that wealthy nations fund global mitigation of greenhouse emissions. Brazilian President Luiz Inacio Lula da Silva has touted the importance of the Global South in tackling global warming as he prepares to host the United Nations climate summit in November. Still, a joint statement from BRICS leaders released on Sunday argued that fossil fuels will continue to play an important role in the global energy mix, particularly in developing economies. "We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions," Brazil's Environment Minister Marina Silva said on the sidelines of the summit, when asked about the plans to extract oil off the coast of the Amazon rainforest. In their joint statement, BRICS leaders underscored that providing climate finance "is a responsibility of developed countries towards developing countries," which is the standard position for emerging economies in global negotiations. Live Events Their declaration also mentioned the group's support for a fund that Brazil proposed to protect endangered forests - the Tropical Forests Forever Facility - as a way for emerging economies to fund climate change mitigation beyond the mandatory requirements imposed on wealthy nations by the 2015 Paris Agreement. China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in the fund, two sources with knowledge of the discussions told Reuters last week. The joint statement from BRICS leaders also blasted policies such as carbon border taxes and anti-deforestation laws, which Europe has recently adopted, for imposing what they called "discriminatory protectionist measures" under the pretext of environmental concerns. DEFENDING MULTILATERAL DIPLOMACY The opening of the BRICS summit on Sunday presented the bloc as a bastion of multilateral diplomacy in a fractured world and underscored the influence of 11 member nations that represent 40% of global output. Leaders also indirectly criticized U.S. military and trade policy, while pushing for the reform of multilateral institutions now largely run by Americans and Europeans. In his opening remarks at the meeting on Sunday, Brazilian President Luiz Inacio Lula da Silva drew a parallel with the Cold War's Non-Aligned Movement, a group of developing nations that resisted joining either side of a polarized global order. "BRICS is the heir to the Non-Aligned Movement," Lula told leaders. "With multilateralism under attack, our autonomy is in check once again." The Rio summit, the first to include Indonesia as a member, has showcased the rapid expansion of BRICS but raised questions about shared goals within its diverse group. In a joint statement published on Sunday, the BRICS condemned military attacks on Iran and Gaza, but stopped short of a unified position on which countries should have seats on a reformed United Nations Security Council. Only China and Russia supported adding Brazil and India to the council. Leaders including Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa gathered in Rio to discuss economic and geopolitical tensions. But the meeting's political weight was diminished by Chinese President Xi Jinping's decision to send Premier Li Qiang in his place. Economic Times WhatsApp channel )
Straits Times
07-07-2025
- Business
- Straits Times
BRICS demand wealthy nations fund global climate transition
Sign up now: Get ST's newsletters delivered to your inbox Brazil's President Luiz Inacio Lula da Silva, China's Premier Li Qiang, India's Prime Minister Narendra Modi, South Africa's President Cyril Ramaphosa, Russia's Foreign Minister Sergei Lavrov and other leaders, attend the opening meeting of BRICS Summit, at the Museum of Modern Art (MAM) in Rio de Janeiro, Brazil July 6, 2025. REUTERS/Ricardo Moraes RIO DE JANEIRO - Leaders of the BRICS group of developing nations prepared to address the shared challenges of climate change on Monday, the final day of their summit in Rio de Janeiro, demanding that wealthy nations fund global mitigation of greenhouse emissions. Brazilian President Luiz Inacio Lula da Silva has touted the importance of the Global South in tackling global warming as he prepares to host the United Nations climate summit in November. Still, a joint statement from BRICS leaders released on Sunday argued that fossil fuels will continue to play an important role in the global energy mix, particularly in developing economies. "We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions," Brazil's Environment Minister Marina Silva said on the sidelines of the summit, when asked about the plans to extract oil off the coast of the Amazon rainforest. In their joint statement, BRICS leaders underscored that providing climate finance "is a responsibility of developed countries towards developing countries," which is the standard position for emerging economies in global negotiations. Their declaration also mentioned the group's support for a fund that Brazil proposed to protect endangered forests - the Tropical Forests Forever Facility - as a way for emerging economies to fund climate change mitigation beyond the mandatory requirements imposed on wealthy nations by the 2015 Paris Agreement. China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in the fund, two sources with knowledge of the discussions told Reuters last week. Top stories Swipe. Select. Stay informed. Singapore Construction starts on Cross Island Line Phase 2; 6 MRT stations in S'pore's west ready by 2032 Singapore New SkillsFuture requirements by April 2026 to mandate regular training for adult educators Singapore askST Jobs: Facing intrusive demands from your employer? Here's what you can do Singapore MPs should not ask questions to 'clock numbers'; focus should be improving S'poreans' lives: Seah Kian Peng Singapore Sequencing and standards: Indranee on role of Leader of the House Tech Hackathons produce scam simulation tool for education, platform identifying birds based on calls Singapore NUS College draws 10,000 applications for 400 places, showing strong liberal arts interest Singapore Life After... blazing biomedical research trail in S'pore: Renowned scientist breaks new ground at 59 The joint statement from BRICS leaders also blasted policies such as carbon border taxes and anti-deforestation laws, which Europe has recently adopted, for imposing what they called "discriminatory protectionist measures" under the pretext of environmental concerns. DEFENDING MULTILATERAL DIPLOMACY The opening of the BRICS summit on Sunday presented the bloc as a bastion of multilateral diplomacy in a fractured world and underscored the influence of 11 member nations that represent 40% of global output. Leaders also indirectly criticized U.S. military and trade policy, while pushing for the reform of multilateral institutions now largely run by Americans and Europeans. In his opening remarks at the meeting on Sunday, Brazilian President Luiz Inacio Lula da Silva drew a parallel with the Cold War's Non-Aligned Movement, a group of developing nations that resisted joining either side of a polarized global order. "BRICS is the heir to the Non-Aligned Movement," Lula told leaders. "With multilateralism under attack, our autonomy is in check once again." The Rio summit, the first to include Indonesia as a member, has showcased the rapid expansion of BRICS but raised questions about shared goals within its diverse group. In a joint statement published on Sunday, the BRICS condemned military attacks on Iran and Gaza, but stopped short of a unified position on which countries should have seats on a reformed United Nations Security Council. Only China and Russia supported adding Brazil and India to the council. Leaders including Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa gathered in Rio to discuss economic and geopolitical tensions. But the meeting's political weight was diminished by Chinese President Xi Jinping's decision to send Premier Li Qiang in his place. REUTERS
Reuters
07-07-2025
- Business
- Reuters
BRICS demand wealthy nations fund global climate transition
RIO DE JANEIRO, July 7 (Reuters) - Leaders of the BRICS group of developing nations prepared to address the shared challenges of climate change on Monday, the final day of their summit in Rio de Janeiro, demanding that wealthy nations fund global mitigation of greenhouse emissions. Brazilian President Luiz Inacio Lula da Silva has touted the importance of the Global South in tackling global warming as he prepares to host the United Nations climate summit in November. Still, a joint statement from BRICS leaders released on Sunday argued that fossil fuels will continue to play an important role in the global energy mix, particularly in developing economies. "We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions," Brazil's Environment Minister Marina Silva said on the sidelines of the summit, when asked about the plans to extract oil off the coast of the Amazon rainforest. In their joint statement, BRICS leaders underscored that providing climate finance "is a responsibility of developed countries towards developing countries," which is the standard position for emerging economies in global negotiations. Their declaration also mentioned the group's support for a fund that Brazil proposed to protect endangered forests - the Tropical Forests Forever Facility - as a way for emerging economies to fund climate change mitigation beyond the mandatory requirements imposed on wealthy nations by the 2015 Paris Agreement. China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in the fund, two sources with knowledge of the discussions told Reuters last week. The joint statement from BRICS leaders also blasted policies such as carbon border taxes and anti-deforestation laws, which Europe has recently adopted, for imposing what they called "discriminatory protectionist measures" under the pretext of environmental concerns. The opening of the BRICS summit on Sunday presented the bloc as a bastion of multilateral diplomacy in a fractured world and underscored the influence of 11 member nations that represent 40% of global output. Leaders also indirectly criticized U.S. military and trade policy, while pushing for the reform of multilateral institutions now largely run by Americans and Europeans. In his opening remarks at the meeting on Sunday, Brazilian President Luiz Inacio Lula da Silva drew a parallel with the Cold War's Non-Aligned Movement, a group of developing nations that resisted joining either side of a polarized global order. "BRICS is the heir to the Non-Aligned Movement," Lula told leaders. "With multilateralism under attack, our autonomy is in check once again." The Rio summit, the first to include Indonesia as a member, has showcased the rapid expansion of BRICS but raised questions about shared goals within its diverse group. In a joint statement published on Sunday, the BRICS condemned military attacks on Iran and Gaza, but stopped short of a unified position on which countries should have seats on a reformed United Nations Security Council. Only China and Russia supported adding Brazil and India to the council. Leaders including Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa gathered in Rio to discuss economic and geopolitical tensions. But the meeting's political weight was diminished by Chinese President Xi Jinping's decision to send Premier Li Qiang in his place.
Scoop
24-04-2025
- Business
- Scoop
Report On TFFF Exposes Flaws, Urges Real Forest Protection
Press Release – Global Forest Coalition TFFF expected to be launched at COP30 in Brazil UTRECHT/LA PAZ, 24 APRIL 2025 –NGOs including forest people's rights groups are raising deep concerns about a new $125 billion market mechanism called the Tropical Forests Forever Facility (TFFF) that has been proposed to incentivise the preservation of tropical forests and is expected to launch at this year's UN Climate Conference (COP30) in Belém. It is being spearheaded by the governments of Brazil, Indonesia, and the Democratic Republic of the Congo (DRC), which contain more than half of the world's rainforests. A new report from the Global Forest Coalition (GFC) and Fundación Solón explains what is known so far about the TFFF and highlights many questions that are cause for alarm. These include whether allocating just $4 per hectare of jungle could solve the 'market failure' that TFFF proponents claim is behind deforestation, and why the future of tropical forests should have to rely on private investment while public funding increasingly goes to high-emission sectors such as the military. 'Forests are not commodities to be traded on financial markets,' said Mary Louise Malig, GFC policy director and co-author of the report. 'They are complex living ecosystems with intrinsic value, essential to the livelihoods of countless communities and the health of our planet. The TFFF reduces their worth to a mere dollar-per-hectare figure, which is not only wholly inadequate but fundamentally misguided.' 'The climate emergency is not a market failure but a failure of governance and responsibility. We need to confront the structural drivers of deforestation and invest in real solutions that empower local communities,' added Pablo Solón, director of Fundación Solón and co-author of the report. 'Climate finance has long-since been co-opted by corporate interests, and the TFFF is no different — the alarm bells should be ringing for us all. The TFFF is a shiny new tool for greenwashing, designed to attract investment rather than tackle the systemic drivers of deforestation.' Market mechanisms like carbon trading and offsets have proven to be a flawed way of helping frontline communities and instead allow polluters to continue business as usual. This is why they are known among civil society as false solutions; they ignore the root causes of the climate and biodiversity crisis. 'By sidelining Indigenous voices and decision-making power, particularly women, the TFFF perpetuates the same systems of governance that have historically oppressed these communities,' explained Kwami Kpondzo, a campaign coordinator at GFC. 'Forest conservation mechanisms must take into consideration Indigenous traditional knowledge and prioritise the rights and needs of Indigenous Peoples, local communities, Afro-descendant peoples, women, and youth who manage over half of the world's remaining intact forests.' The new report on the TFFF also champions the establishment of an alternative non-market finance mechanism that provides sustainable funding levels directly to Indigenous Peoples and Local Communities. 'The climate crisis cannot be solved by mechanisms that perpetuate inequality,' said Satrio Manggala of GFC member organisation WALHI Indonesia. 'We need solutions that give direct power to Indigenous Peoples and women, who are the true stewards of our forests, rather than sidelining them in favour of market-driven approaches.'
Scoop
24-04-2025
- Politics
- Scoop
Report On TFFF Exposes Flaws, Urges Real Forest Protection
UTRECHT/LA PAZ, 24 APRIL 2025 –NGOs including forest people's rights groups are raising deep concerns about a new $125 billion market mechanism called the Tropical Forests Forever Facility (TFFF) that has been proposed to incentivise the preservation of tropical forests and is expected to launch at this year's UN Climate Conference (COP30) in Belém. It is being spearheaded by the governments of Brazil, Indonesia, and the Democratic Republic of the Congo (DRC), which contain more than half of the world's rainforests. A new report from the Global Forest Coalition (GFC) and Fundación Solón explains what is known so far about the TFFF and highlights many questions that are cause for alarm. These include whether allocating just $4 per hectare of jungle could solve the "market failure" that TFFF proponents claim is behind deforestation, and why the future of tropical forests should have to rely on private investment while public funding increasingly goes to high-emission sectors such as the military. 'Forests are not commodities to be traded on financial markets,' said Mary Louise Malig, GFC policy director and co-author of the report. 'They are complex living ecosystems with intrinsic value, essential to the livelihoods of countless communities and the health of our planet. The TFFF reduces their worth to a mere dollar-per-hectare figure, which is not only wholly inadequate but fundamentally misguided.' 'The climate emergency is not a market failure but a failure of governance and responsibility. We need to confront the structural drivers of deforestation and invest in real solutions that empower local communities,' added Pablo Solón, director of Fundación Solón and co-author of the report. 'Climate finance has long-since been co-opted by corporate interests, and the TFFF is no different — the alarm bells should be ringing for us all. The TFFF is a shiny new tool for greenwashing, designed to attract investment rather than tackle the systemic drivers of deforestation.' Market mechanisms like carbon trading and offsets have proven to be a flawed way of helping frontline communities and instead allow polluters to continue business as usual. This is why they are known among civil society as false solutions; they ignore the root causes of the climate and biodiversity crisis. 'By sidelining Indigenous voices and decision-making power, particularly women, the TFFF perpetuates the same systems of governance that have historically oppressed these communities,' explained Kwami Kpondzo, a campaign coordinator at GFC. 'Forest conservation mechanisms must take into consideration Indigenous traditional knowledge and prioritise the rights and needs of Indigenous Peoples, local communities, Afro-descendant peoples, women, and youth who manage over half of the world's remaining intact forests.' The new report on the TFFF also champions the establishment of an alternative non-market finance mechanism that provides sustainable funding levels directly to Indigenous Peoples and Local Communities. 'The climate crisis cannot be solved by mechanisms that perpetuate inequality,' said Satrio Manggala of GFC member organisation WALHI Indonesia. 'We need solutions that give direct power to Indigenous Peoples and women, who are the true stewards of our forests, rather than sidelining them in favour of market-driven approaches.'
