Brazil’s National Development Bank gives green signal to allocate 318 million reais to prevent deforestation

Brazil’s National Development Bank (BNDES) has approved the allocation of 318 million reais ($65 million) from the $1.3 billion Amazon Fund for a law enforcement initiative targeting deforestation and environmental crimes in the rainforest, as reported by a senior official to Reuters. This represents a significant move for the Amazon Fund, a collaborative effort supported by four nations and managed by BNDES. The project, endorsed by the justice ministry and overseen by Brazil’s Federal Police, aims to combat illegal activities threatening the rainforest, including logging and mining, despite government efforts to reduce deforestation. The Amazon, crucial for carbon absorption and combating global warming, continues to face challenges from unauthorized activities.

Humberto Freire, the Federal Police’s director for the Amazon and environmental crime, stressed the importance of collaborative action, stating that without unified purpose and integrated efforts, progress against environmental crimes would be hindered. Freire, attending the UN Climate Change Conference COP28 in Dubai, emphasized the need to translate rhetoric into tangible actions in the Amazon, requiring sufficient funding.

The initial Amazon Fund allocation will finance the purchase of helicopters and necessary equipment. Simultaneously, an International Police Cooperation Centre is slated to be established in Manaus by early next year, facilitating collaboration with authorities from neighboring countries, according to Freire.

The law enforcement project, budgeted at 2 billion reais over the next few years, will receive its first disbursement from the Amazon Fund in the coming days. Established in 2008 to promote rainforest preservation, the Amazon Fund initially received contributions from Norway ($1.2 billion), Germany ($89 million), Petrobras ($7.7 million), Switzerland ($5.6 million), and the United States ($3 million).

Despite a notable reduction in deforestation this year, President Luiz Inacio Lula da Silva is committed to addressing persistent environmental challenges, pledging a zero-deforestation target by 2030.