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Most countries failed to meet a 2025 target to identify all of their subsidies that could be “harmful” to biodiversity, according to Carbon Brief analysis.

The findings also reveal that 32 countries spend an estimated $270bn on biodiversity-harming subsidies and other incentives each year.

This is the “tip of the iceberg”, one expert notes, with “trillions” spent globally.

In 2022, almost every country in the world agreed on a set of “goals” and “targets” aiming to halt and reverse biodiversity loss by 2030.

One of these targets asked countries to identify all subsidies that damage biodiversity by 2025, before phasing out or reforming at least $500bn of these incentives by 2030.

The subsidies can be found in a range of sectors, including fossil fuels, agriculture, forestry, mining and fishing.

Just 21 countries appear to have met the 2025 goal, Carbon Brief finds, based on analysis of 134 national reports submitted to the UN Convention on Biological Diversity (CBD) by 1 July 2026.

Five of the world’s 17 megadiverse countries were among those that met the deadline.

Country progress

Carbon Brief’s analysis looks at the number of countries that have met the 2025 target to identify their use of nature-harming subsidies.

However, the metrics to determine which countries have “met” this target are not explicitly defined.

Carbon Brief included any country that says it has completed the process of identifying its subsidies. In almost every case, these countries also included a total figure for the value of those subsidies.

The analysis finds that 21 countries say they have identified their harmful subsidies, as shown in the map below (yellow). This amounts to 16% of the countries that have submitted national reports so far.

A further 11 countries, plus the EU, have provided figures for some of their subsidies, such as only those in a specific sector (dark blue).

Of the 134 national reports submitted to the CBD, 66 make reference to beginning the process (medium blue), while the remaining 68 do not (light blue). The final 62 countries party to the CBD have yet to submit a national report (light grey).

(Every country in the world participates in the CBD, except for the US and the Holy See – the governing body of the Catholic church, which is seated in Vatican City.)

Map of the world showing that 21 countries have identified all of their nature-harming subsidies
Countries that have identified all of their harmful subsidies (yellow); provided figures for some sectors (dark blue); begun the process, but not provided any numbers (medium blue); not begun the process (light blue); and not submitted a national report to the CBD (light grey). Credit: Carbon Brief analysis

The 32 countries that have identified some or all subsidies spend almost $270bn on nature-harming incentives annually, according to Carbon Brief’s analysis.

This is based on a tally of the figures for the most recent available year listed in countries’ national reports, in US dollars using conversion rates at the end of the given year and adjusted for inflation. The analysis also includes figures from other reports cited in the country submissions.

The $270bn reported in country submissions to date is “just the tip of the iceberg”, notes Eva Zabey, the chief executive of Business for Nature. The global figure could be as high as $1.8tn, according to a 2022 estimate from non-profit group, the B Team.

The figures identified by Carbon Brief are a “warning” that the “world is not moving fast enough” to tackle harmful subsidies, Zabey says, adding:

“The positive news is that some countries have shown it can be done and this should embolden others to follow suit…Subsidy reform should be treated as an economic necessity, not an environmental checklist.”

Harmful subsidies are expected to be among the key priorities at the upcoming COP17 UN nature summit, being held in Armenia in October 2026.

Subsidy target

There is no single definition of a “harmful” subsidy. (See: ‘Harmful’ subsidies.) 

The aim to identify these subsidies stems from target 18 of the Kunming-Montreal Global Biodiversity Framework (GBF) – the global agreement containing a series of goals and targets for nature.

Target 18.
Target 18 of the Kunming-Montreal Global Biodiversity Framework. Credit: UN CBD (2022)

Target 18 calls on countries to identify subsidies and other incentives that are harmful for biodiversity by 2025.

It also says that nations should “eliminate, phase out or reform” these subsidies in a “proportionate” way, reducing them by at least $500bn per year by 2030.

It says countries should first target the “most harmful” incentives, while simultaneously scaling up positive incentives for nature.

All 2030 targets in the GBF are global – with countries each expected to outline how they will contribute nationally. So far, 169 countries have submitted these national targets.

Only 38% of countries addressed the 2025 aim to identify harmful subsidies in their national targets “to some extent”, according to a draft version of an upcoming progress report.

Countries’ national reports do not “provide a sufficient basis to determine” whether the 2025 milestone was met, says the report, but available evidence “suggests” that it was not.  

‘Harmful’ subsidies  

There is no universally agreed-upon definition of a “biodiversity-harmful subsidy” – or how it differs from an environmentally harmful subsidy.

In general, “harmful” environmental subsidies impact humans’ surroundings, whereas those harmful to biodiversity directly affect species and ecosystems. Paul Elton, a PhD candidate at the Australian National University, tells Carbon Brief:

“If you were to do a study that focused on biodiversity-harmful subsidies versus one that focused on environmentally-harmful subsidies, there’d be a Venn diagram where a large percentage would overlap.”

A 2022 working paper on identifying subsidies harmful to biodiversity published by the Organisation for Economic Co-operation and Development (OECD) depicted biodiversity as a subset of the environment, with climate and air falling outside the scope of “biodiversity”.

However, the report also noted that climate change is one of the five key drivers of biodiversity loss, adding:

“As such, subsidies that lead to larger greenhouse gas emissions, for example, will also indirectly impact on biodiversity.”

Distinction between the “environment” and “biodiversity”, according to an oft-cited working paper on identifying and assessing biodiversity-harming subsidies. Credit: OECD (2022)
Distinction between the “environment” and “biodiversity”, according to an oft-cited working paper on identifying and assessing biodiversity-harming subsidies. Credit: OECD (2022)

Prof Jessica Dempsey, a political ecologist at the University of British Columbia, tells Carbon Brief that she would “absolutely” consider fossil-fuel subsidies to be biodiversity-harming – not only as a driver of climate change, but also because the extraction of fossil fuels can cause localised harms to biodiversity. She adds:

“I do think probably it is true that all harmful subsidies are not necessarily biodiversity-related. Some care in that is important, but subsidies to the sectors that are known drivers of biodiversity loss feel very obvious to me.”

Biodiversity-harming subsidies can be either direct or indirect.

Direct subsidies refer to government expenditures that go towards a project that harms nature, such as construction of a new gas-fired power plant. Indirect subsidies could include tax exemptions that encourage a certain behaviour, such as lower tax rates on fuels for agricultural machinery.

Subsidies in agriculture, fishery and energy sectors are most commonly deemed “harmful”, but damage can also be caused by support for forestry, infrastructure, transport, construction, water and other sectors.

One recent estimate of the global total of biodiversity-harming subsidies put the figure at $1.7-3.2tn annually. An estimate of environmentally harmful subsidies put the figure at $2.6tn.

Elton tells Carbon Brief:

“It’s useful to contextualise the $500bn ambition of the GBF against those global estimates of how big [the total] actually could be, because that underscores the fact that so far, you’ve only got a subset of nations reporting about $250bn by your analysis, which is only half of the [phase-out target].

“It’s a significant lack of accountability.”

The chart below compares the $2.6bn estimated value of harmful subsidies to the $500bn phase-out target set in the GBF and the value of the subsidies identified so far in national reports.

Chart showing biodiversity harming subsidies
Comparison of the harmful subsidies identified by countries in their national reports (light blue), the phase-out target for subsidies outlined in the GBF (medium blue) and a global estimate of environmentally harmful subsidies (dark blue). Credit: Carbon Brief analysis

Sectoral breakdown

Many subsidies can have both negative and positive impacts on biodiversity, according to the 2022 OECD working paper.

A subsidy on constructing dams for new hydropower can harm local biodiversity by disrupting water flows and flooding certain areas, for example. But it also reduces fossil-fuel dependence, lowering emissions and leading to a decrease in global warming.

Ronald Steenblik, a subsidies expert and co-author of the report estimating $2.6bn of harmful subsidies, tells Carbon Brief:

“What’s harmful is somewhat in the eye of the beholder.”

Most experts agree that a few sectors receive the bulk of the world’s biodiversity-harming subsidies: fossil fuels, agriculture and infrastructure, with much smaller contributions from other sectors, such as forestry, mining and fisheries.

Of the subsidies reported to the CBD, almost half were for the fossil-fuel sector, and around one-quarter for agriculture and fishing.

Chart showing that almost half of nature-harming subsidies go towards fossil fuels
Sectoral breakdown of identified subsidies. “Multiple” means a country either did not distinguish between sectors or reported one number encompassing several sectors. “Other” refers to specific sectors not named in the chart. Credit: Carbon Brief analysis.

Dempsey says it is “surprising” that mining “didn’t show up” in these figures. (Of the 32 countries that provided subsidy data, only one mentioned mining as an industry that received harmful subsidies.)

Limitations

One limitation of Carbon Brief’s analysis is the lack of standardisation of subsidy data.

The methodology underlying the national reports lists several definitions of environmentally harmful subsidies, adding:

“[T]here is no standardised, globally agreed methodology for assessing the value of subsidies…nor is there a single global dataset providing this information.”

It adds that it is “important” for countries to identify harmful subsidies “within their national context”. Steenblik says:

“When you get down into the details, you can have lots of arguments of where you draw the line. And, so, the big question on this spreadsheet is where countries drew that line.”

For example, China’s national report says the country has already identified all biodiversity-harming subsidies and reformed them entirely.

In Australia, a 2026 study – led by Elton from Australian National University – identified biodiversity-harmful subsidies worth $26.3bn over 2022-23, a number that amounts to just over 1% of the country’s GDP.

However, in its national report, Australia identified $155m worth of subsidies, largely in the agricultural sector. (The national report says that the identified agricultural subsidies are those that are “potentially most harmful to the environment”.)

Elton tells Carbon Brief that this discrepancy underscores the necessity of an independent assessment of harmful subsidies, “rather than this just being seen as a tick-the-box reporting exercise by officials in the environment department”.

When it comes to actually phasing out harmful subsidies, Dempsey says, focusing on the quality of the subsidy – and who benefits from it – is just as important as focusing on the numbers. She adds:

“If we don’t take this lens of understanding the beneficiaries and we only focus on the [numbers], we really risk having policy changes that then lead to increased affordability problems for everyday working people, and backlash.”

Methodology

Carbon Brief analysed national reports submitted to the CBD by 134 parties – 133 countries and the EU – to assess which ones had identified all of their biodiversity-harmful subsidies and therefore met the 2025 deadline.

The reports were submitted in 2026, with the analysis including those submitted by 1 July 2026.

The figures for each country can be found in this spreadsheet. More than three-quarters of reports did not list any figures.

To get the full tally for the amount listed, Carbon Brief used the figures for 2025 (or the nearest available year) and converted the local currency into US dollars, based on conversion rates in the given year using the currency exchange rates calculator from the US Treasury.

These figures were then adjusted for inflation to the year 2025. Numbers were rounded to the nearest $1,000.

In total, this amounted to $269,856,769,000 in subsidies across 32 countries.

Many countries listed the sector that each subsidy is going towards. Carbon Brief standardised these inputs using the following categories:

  • Agriculture and fishing
  • Energy
  • Forestry  
  • Fossil fuels 
  • Infrastructure
  • Transport 
  • Other
  • Multiple sectors

“Multiple sectors” was assigned when a country provided only a partial sectoral breakdown of their subsidies or none at all.

“Other” was selected to encompass sectors that were named more infrequently, including water, mining, tourism and construction.

The designations employed and the presentation of the material on the map in this article do not imply the expression of any opinion whatsoever on the part of Carbon Brief concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries.

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Analysis: Wind and solar save UK from gas imports worth £5.9bn during Hormuz crisis

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The UK has avoided the need for gas imports worth £5.9bn since the start of the Hormuz crisis as a result of record electricity generation from wind and solar, reveals Carbon Brief analysis.

While gas prices are surging towards levels not seen since the 2022 energy crisis, the UK has been generating record amounts of power from wind and solar, up 14% year-on-year.

This unprecedented clean-power generation is directly cutting the need for gas-fired electricity, which is down by nearly 10% year-on-year in 2026 to date.

In total, wind and solar have generated a record 41% share of the UK’s electricity needs in 2026 to date, compared with 25% from gas, according to Carbon Brief’s analysis.

The figure below shows that wind and solar generation has avoided the need for UK gas imports worth a total of £5.9bn since the outbreak of war between the US and Iran in February 2026.

The analysis shows that these avoided gas imports would have required the UK to secure the equivalent of more than 100 additional tanker deliveries of liquefied natural gas (LNG).

Record wind and solar have saved the UK from gas imports worth £5.9bn during Hormuz crisis

The £1.3bn import saving in September 2026 to date is the result of record wind and solar output, at nearly 10 terawatt hours (TWh), combined with surging gas prices.

Wholesale gas prices in the UK have remained elevated ever since Russia cut off supplies to Europe in the wake of its invasion of Ukraine in 2022. Gas averaged 90p per therm from 2023 until the start of this year, roughly three times above 2019 prices, before the Covid and Ukraine crises.

Since the outbreak of war in the Middle East in March, gas prices have climbed higher still, averaging 134p per therm or nearly four times the level seen in 2019.

In September 2026 to date, gas prices have averaged 189p per therm, reaching their highest level since the global energy crisis in 2022, as shown in the figure below.

UK gas prices have surged to levels not seen since the global energy crisis in 2022

UK gas prices are spiking again because winter is approaching – meaning higher demand for heating – and there is no end in sight for the Hormuz crisis.

At the same time, European gas stocks are low. This means Europe will have to compete with Asia to secure the cargoes of LNG needed to keep warm.

In the UK, high wholesale gas prices are hitting household gas bills under the price cap set by energy regulator Ofgem – but thanks to clean energy, electricity bills have barely increased.

From this Thursday, 1 October, typical household gas bills will be 33% higher than they were in April, some £200 per year, according to thinktank Nesta.

In contrast, household electricity bills will only have risen 4%, according to Nesta’s analysis.

Andrew Sissons, director for sustainable future at Nesta, explained in a social media post that “the link between electricity and gas prices has already begun to break”.

The UK and other fossil-fuel importing nations are being hit not only by high gas prices, but also by high prices for oil, diesel and other refined fuels. The EU has reportedly had to pay an extra €100bn for fossil-fuel imports since the start of the crisis.

For example, UK diesel prices this week hit record levels of nearly £2 per litre. In contrast, recent Carbon Brief analysis shows that electric cars are up to nine times cheaper to drive.

In her speech to the Labour party conference this week, energy secretary Miatta Fahnbulleh said that energy bills were high because the UK is “exposed to global fossil-fuel markets”.

In his own conference speech, prime minister Andy Burnham said the expansion of clean energy was easing the impact of high gas prices on electricity bills. He said:

“We are already taking more control of our electricity prices with a massive expansion of home-grown renewables and nuclear. I have asked Miatta to speed up the breaking of the link between what we pay for power at home and the international gas market, to get bills down.”

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Nepal’s disaster has laid bare the world’s adaptation accountability gap

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The deadly flash flood that thundered down Nepal’s Bhote Koshi valley a month ago may have been hard to predict given the complexity of monitoring glacial slopes in the high mountains. But it should come as a surprise to no one that such a disaster could happen in a world set to barrel past the 1.5C warming limit governments agreed to in 2015.

I say this with confidence because even before the ink was dry on the Paris Agreement, former colleagues and I were writing extensively about the dangers posed by accelerating glacier melt in the Himalayas. I went back to look at what we covered, often working with local journalists in Pakistan, India and Nepal. It was substantial.

Comment: The response to Nepal’s disaster is a test for global climate institutions

In one story from a conference on climate change and geology, Bill McGuire, a professor who then led the Benfield Hazard Research Centre at University College London, was quoted as saying: “The most likely thing we are going to see soon is an increased level in giant landslides in mountainous terrains, huge collapses, millions of cubic metres of rock.”

That is precisely what unleashed Nepal’s most recent disaster, some 13 years later.

Other articles zoomed in on internationally funded programmes to prevent glacial lake outburst floods; studies warning of the rising risks to downstream communities; and cross-border efforts (or lack of them) to set up monitoring systems. But information has not led to sufficient action.

Falling behind growing impacts

Reporting on climate-related disasters over the past 20 years (it was way back then that UN aid chief John Holmes started referring to extreme weather as the “new normal”) has been a pretty frustrating beat, as things have gotten dramatically worse.

There’s no question that our understanding of the risks has grown hugely – alongside our knowledge of how to protect people and infrastructure in the face of fast-growing threats. 

Yet governments and businesses have dragged their feet on adaptation policies and practical measures, even when confronted with the numbers showing it’s far cheaper to prevent and prepare than to clean up and rebuild after a flood or a storm. This intransigence has left a yawning chasm in the world’s ability to deal with climate change-driven impacts.

Let’s call it the adaptation accountability gap.

    These days we see the effects all around us – in hospital emergency rooms where workers and older people struggle with heat exhaustion; in campsites and hotels abandoned by holidaymakers fleeing forest fires; in flooded streets piled high with mud, broken furniture and twisted cars.

    The only bright side to the growing climate chaos we’re experiencing is that it’s become practically impossible for politicians and corporate bosses to ignore the evidence – and the rising cost to their balance sheets. Voters who can no longer afford to shoulder the economic and social burden of this damage need to let their leaders know time’s up.

    1.5C overshoot means adapting differently

    Last week, during Climate Week NYC, I moderated an event packed with experts who work on adapting to climate change – from Nepal to Brazil, from Sierra Leone to the Marshall Islands, and from communities to the top of governments and UN agencies. They spoke of tree-planting to stabilise slopes, heat insurance for informal workers, a climate risk guide for midwives, drought-resistant seeds and solar panels to irrigate farmland along the Nile.

    Amid the diversity of experiences and approaches, there were two common threads: first, as underlined by the UN Environment Programme’s new report on overshooting 1.5C, we may have missed the boat to catch up on adaptation as we know it. 

    With global warming continuing apace, we’ll need to come up with new “transformational” strategies if the coral reefs, ice sheets, oceans and other natural systems on which we rely cross tipping points and unleash cascading consequences. Nepal’s flash flood is being flagged as an example of the kind of disaster that requires a major change in how we think about adaptation.

    Second, the investment required to adapt to intensifying climate shocks and stresses can no longer be seen as something to be squeezed out of shrinking foreign aid budgets. There are a growing number of tried-and-tested funds and mechanisms for channelling finance at the local, national and global levels – these must be filled, replenished and used without delay.

    Businesses need to get stuck in too, not least to safeguard their assets, operations and profits – but also because in some sectors like agriculture or water there are opportunities for a return. Despite this, there are many activities governments will have no choice but to pay for, such as moving people out of the path of rising seas.

    Finance not flowing where needed

    Mikko Ollikainen, who heads up the UN’s pioneering Adaptation Fund for developing countries, told the event the fund has a portfolio of projects worth $1.6 billion but a pipeline waiting to be financed to the tune of $1.8 billion. Yet, in recent years, as needs balloon, donor nations have failed to meet its annual fundraising target of $300 million at COP climate summits. 

    The chair of the UN climate body for implementation, Julia Gardiner, said she expects to see more pressure on governments at November’s COP31 summit in Türkiye to show how they will meet a goal to triple adaptation finance by 2035 and fill the under-resourced coffers of the fledgling Fund for Responding to Loss and Damage (FRLD).

    Prakriti Dhakal, personal under-secretary to Nepal’s prime minister, speaks at an event on adaptation held on the sidelines of the UN General Assembly and moderated by Climate Home News, on September 24, 2026 in New York. (Photo@ Photo: Corinna Schutte / United Nations Foundation)

    Prakriti Dhakal, personal under-secretary to Nepal’s prime minister, speaks at an event on adaptation held on the sidelines of the UN General Assembly and moderated by Climate Home News, on September 24, 2026 in New York. (Photo@ Photo: Corinna Schutte / United Nations Foundation)

    Nepal, meanwhile, is still waiting for a formal response to its request to the FRLD for urgent support to tackle the aftermath of the flood. Manjeet Dhakal, a Nepali scientist who advises least-developed countries in the UN climate process, said the disaster – which killed over 1,450 people and left nearly 6,000 missing – cannot be treated as just the latest climate crisis that grabs the headlines before it’s replaced by another.

    That was backed up by Prakriti Dhakal, personal under-secretary to Nepal’s prime minister, who has been working closely on the emergency response. She said she had received many condolences and warm words of support during her meetings in New York.

    But, she asked, “when you go home, will you continue having that sympathy for us that translates into something rational, something long-term, to strengthen the communities in Nepal?” A fitting response would be for governments to get behind a new Himalayan Climate Resilience Mechanism, proposed by Nepal’s leader at the UN last week, as one way to start closing the adaptation accountability gap.

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    Brazil confident new rainforest fund will reach $10bn donor milestone

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    Brazil’s environment minister says he is “very optimistic” that the Tropical Forest Forever Facility (TFFF) – a new rainforest fund to channel private and public finance to developing nations – can meet a key $10 billion funding target this year, and is not at risk from his country’s elections next month.

    The TFFF, launched by Brazil at COP30 in the Amazon last November and co-led by Norway, is intended as an alternative to traditional grant-based forest finance. The fund aims to raise $125bn in public and private capital, invest it in bond markets, and then pay countries that keep their forests standing from the annual returns. Donor contributions needed to get it going have tailed off after an initial burst.

    Speaking to Climate Home News on the sidelines of Climate Week in New York, Brazilian environment minister João Paulo Capobianco pointed out that in less than a year since its official launch, the TFFF has already secured $7.3bn from governments.

    “How many other initiatives can say that?” he asked. “Of course, if you have $7 billion, it’s easier for more countries to consider their own contribution. And not just countries – non-governmental organisations also. We are expecting even more support.”

      As its initial target, the TFFF aims to raise $10bn in seed capital from governments by the end of 2026, and still needs to fill a gap of $2.7bn. Its backers say that for each dollar in public funding, they can secure $4 from the private sector. Critics say the $10bn goal barely covers the fund’s expenses and would not allow it to make any significant payments to forest countries.

      Because setting up its financial architecture, raising the starting capital and making the first investments will take time, experts say the TFFF is unlikely to generate any payments for developing countries before 2028.

      Seeking new pledges

      Capobianco told Climate Home News that Brazil is still in talks with potential new contributors to the fund, among them China, Korea and Japan, and said he hoped to see more pledges announced at the upcoming biodiversity and climate COPs in October and November. The Netherlands is expected to up its first small contribution and Canada may also come in, according to other sources close to the TFFF.

      Because the fund was not created as part of the UN climate talks and is hosted by the World Bank, developing countries can contribute without taking on wider donor responsibilities for climate finance. Brazil and Indonesia – both large emerging rainforest nations – have each pledged $1bn to the TFFF.

      Earlier in September, the UK became the latest country to pledge funding – promising a loan of £400 million (about $540 million). Capobianco welcomed the contribution and noted that Britain has also said it will keep “under review” the possibility of putting in more.

      Currently the largest donor is Norway, which announced a $3bn pledge last year at COP30 in Belém. However, that pledge came with conditions, among them that the fund must reach $10bn in sponsor capital by 2026, and that Norway’s contribution can’t make up more than 20% of that total. Over the longer term, this means the fund must raise $15bn from governments to unlock Norway’s full investment.

      Comment: UK’s budget juggling trick with rainforest loan for bus-fare cap needs transparency

      Speaking at a forest finance event in New York, Norway’s environment minister Sigrun Aasland said the country’s pledge was made not “only out of solidarity but because of shared interests”, adding that protecting rainforests is critical for climate and biodiversity goals as well as for national security.

      “Tropical deforestation matters to people in the Amazon and in the Congo. But let’s not forget that it also matters to global food production and to the cost of living in Oslo or in London,” she said.

      At the event, Guyana’s minister of natural resources Vickram Bharrat said the TFFF is “one in a menu of options” to finance forest protection in developing countries. He added that to boost its capital “maybe we should put some amount of pressure on oil companies to contribute to the fund”.

      Upcoming election “not a risk”

      Brazil, which has been pivotal to getting the fund off the ground, is now heading into a national election that could see the country swing back to an anti-climate stance if right-wing candidate Flávio Bolsonaro beats current left-wing President Luiz Inacio Lula da Silva. Capobianco, however, said the election result does not pose a risk to the TFFF.

      “It’s a global initiative, not a Brazilian initiative. We proposed the first idea, but nowadays it’s a global initiative,” he said. “We believe the investor countries and the tropical countries together have the possibility to continue this process.”

      In Brazil, the first round of voting is scheduled for Sunday, October 4. If no candidate wins more than 50% of valid votes, a run-off ballot will take place on October 25.

      COP30 roadmap to end deforestation will invite countries to draft domestic plans

      In July, the TFFF board adopted a charter, which outlines the instrument’s objectives and values, including that 20% of the payments made to tropical countries will go directly to Indigenous people and local communities.

      The charter also says the TFFF board may comprise up to 12 member countries during the initial phase. Currently, seven seats are filled by the Democratic Republic of Congo (DRC), Germany, Brazil, France, the Netherlands, Norway and Indonesia.

      The board has also formally incorporated the Tropical Forest Investment Fund (TFIF) – the TFFF’s investment arm that will trade bonds in financial markets – hosted in Luxembourg.

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