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US, Norway give $110mn to Brazil Amazon Fund

  • Market: Agriculture, Biofuels
  • 18/11/24

The US and Norway will contribute a combined $110mn to Brazil's Amazon Fund to reduce emissions from deforestation and promote sustainable forest management.

President Joe Biden announced the US' $50mn contribution to the fund from the Amazonian city of Manaus on Sunday. He is the first sitting US president to visit the Amazon rainforest. This adds to the $50mn disbursed by the US to the fund earlier this year, Biden said.

Norway will contribute $60mn, citing a 31pc decrease in Amazon deforestation achieved from August 2023-July 2024.

"Brazil's success in reducing deforestation is clear proof of the ambitions and determination of the Lula government," Norway's prime minister Jonas Gahr Store said from Rio de Janeiro.

President Luiz Inacio Lula da Silva has pledged zero deforestation by 2030.

Norway was the first country to contribute to the Amazon Fund, which was set up during Lula's first term in 2008. It was suspended in 2019 during the presidency of Jair Bolsonaro, a climate skeptic, and reinstated when Lula returned to power in 2023.

Projects worth a record R882mn ($151.6mn) have been approved so far this year according to Brazil's Bndes development bank, which manages the Fund.


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Ukraine agri-exports rise on the month


04/03/25
News
04/03/25

Ukraine agri-exports rise on the month

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News

Australia should incentivise renewable fuels: Lobby


04/03/25
News
04/03/25

Australia should incentivise renewable fuels: Lobby

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News

Mexico factory contraction extends into February


03/03/25
News
03/03/25

Mexico factory contraction extends into February

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News

Ethanol exports drive more US Jan corn demand


03/03/25
News
03/03/25

Ethanol exports drive more US Jan corn demand

St Louis, 3 March (Argus) — US corn use for ethanol returned to above year-ago levels in January, as ethanol production continued to keep pace with export demand. US corn use for ethanol production reached 457mn bushels in January, according to US Department of Agriculture (USDA) data, 4pc above January 2024 levels. Corn use in ethanol has remained near or above year-ago levels since July 2023, following escalating US ethanol export demand. US ethanol exports reached 25.5mn bl through January of the 2024-25 marketing year, 37pc more than the same period over the prior year according to US Energy Information Administration (EIA) data. Through January, US ethanol production used 2.3bn bushels of US corn, 2pc above the prior year and on track to reach the 5.5bn bushels mark for the 2024-25 marketing year currently projected by the USDA. By Ryan Koory Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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