US, Norway give $110mn to Brazil Amazon Fund

Spanish 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.

By Constance Malleret

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18/11/24

Neste to supply renewable chemical feedstock to PCS

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Adv Fame marine blend premiums to fossil hit year lows

15/11/24

Adv Fame marine blend premiums to fossil hit year lows

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Advanced Fame ARA marine biodiesel blends hit 2024 lows

14/11/24

Advanced Fame ARA marine biodiesel blends hit 2024 lows

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Singapore bunker sales jump 19.5pc in October

14/11/24

Singapore bunker sales jump 19.5pc in October

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California RD plant signals later start up

12/11/24

California RD plant signals later start up

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