Brazil has received approval for a US$247 million investment plan to promote reforestation and increase the use of nature-based solutions. This reported by TV BRICS, a partner of Sada El-Balad.
The plan, approved by the Climate Investment Funds (CIF), will finance restoration projects in the Amazon and Cerrado.
The investments include US$47 million from the CIF, US$100 million from the Climate Fund through the National Bank for Economic and Social Development (BNDES) and US$100 million from the World Bank. The funding will be channelled to the private sector to support rehabilitation projects and the creation of sustainable production chains.
Nature, People and Climate (NPC) Investment Plan for Brazil supports the development of nature-based solutions to combat climate change, restore ecosystems and strengthen the resilience of rural communities. The plan is expected 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.
Brazil now has 18 months to develop an implementation plan and detail the projects to be developed under the NPC.
The news of the approval was first reported by official website of the Brazilian Government.
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