The Amazon Fund for Forest Conservation and Climate Protection is a mechanism formulated to raise donations to combat, monitor, and prevent deforestation in the Amazon rainforest. It was set up in 2009 to incentivise Brazil and other developing countries with tropical rainforests to reduce greenhouse gas emissions and forest degradation. The first pledge was given by the Government of Norway, which donated USD 1 Billion.
To date, the Fund has supported 102 projects and has received around USD 693 Million in support. This article talks about the Amazon Fund, its management, and its purpose.
The Fund was proposed by the delegation of Brazil to the 12th Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC) in Nairobi, Kenya, in 2006.
The Fund is a REDD+ mechanism, the UNFCCC's framework for "Reducing emissions from deforestation and forest degradation and the role of conservation, sustainable management of forests and enhancement of forest carbon stocks in developing countries".
In 2008, the then President of Brazil, Luiz Incio Lula da Silva, announced the Fund and Brazil's commitment to reduce deforestation in the Brazilian Amazon by 80% over the next 10 years. The Fund became operational on 1st March 2009.
Purpose of the Amazon Fund
The Amazon Fund collects donations towards non-reimbursable investments for preventing, monitoring, and fighting deforestation and promoting the conservation of forests in the Amazon biome. Projects under the Fund are categorised as follows:
- Management of public forests and protected areas
- Environmental control, monitoring, and inspection
- Sustainable forest management
- Economic activities from the sustainable use of forests
- Economic and ecological zoning, territorial planning and land-title regularisation
- Conservation and sustainable use of biodiversity
- Recovery of deforested areas
Subsequently, the Fund's focus extended to the prevention of forest fires and developing forest monitoring and control systems in Brazil and other tropical countries.
Management of the Amazon Fund
- The Brazilian Development Bank (BNDES) manages the Amazon Fun. The Bank is the permanent trustee of the Fund, and it raises and invests funds, monitors projects, renders accounts, and communicates the results obtained.
- The Guidance Committee (COFA) establishes guidelines and monitors their results.
- The Technical Committee (CTFA) is responsible for certifying calculations regarding effective reductions of carbon emissions from deforestation made by the Ministry of Environment.
- The National REDD+ Committee (CONAREDD+), established in 2015 by the announcement of Brazil's National Strategy for REDD+ (ENREDD+), coordinates and monitors the establishment of ENREDD+.
The Amazon Forest is the largest rainforest and is home to rich biodiversity. However, owing to indiscriminate cattle ranching, agricultural activity and forest fires, it has seen large scale deforestation. Also referred to as the "lungs of the world", the Amazon needs to be preserved for safeguarding the global ecosystem. The Amazon Fund is a mechanism vital to protecting and promoting Amazon's rich heritage.
FAQs on Amazon Fund
Q.1.When was the Amazon Fund made operational?
The Amazon Fund was made operational on 1st March 2009.
Q.2.What is the purpose of the Amazon Fund?
The Amazon Fund provides for the collection of donations towards non-reimbursable investments for preventing, monitoring, and fighting deforestation and promoting the conservation of forests in the Amazon biome.
Q.3.How many projects have been supported by the Amazon Fund?
The Amazon Fund has supported 102 projects so far, including municipalities projects, state projects, federal government projects, third sector projects, university projects and international projects.
Q.4.Who are the contributors to the Amazon Fund?
Donations to the Amazon Fund have been contributed by the Government of Norway, the Federal Republic of Germany, and Petrobras (a state-owned Brazilian oil and gas corporation).