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COP30 host nation Brazil has pledged $1 billion to a new fund to protect rainforests it will launch at the UN climate summit in Belém this November. The announcement in New York by Brazil’s president marks the first investment in the fund, which is set to receive cash from nations and private investors.

The Tropical Forest Forever Facility (TFFF), proposed by Brazil, aims to raise funds to keep forests standing in tropical countries by generating returns on investments in financial markets. As initial capital, it is seeking $25 billion from donor countries and $100 billion from private investors such as pension funds, banks and asset managers.

The South American nation is the first to make a contribution to the TFFF, while other countries like Germany, Norway, UK and the United Arab Emirates have expressed support and participated in its design.

“Brazil will lead by example and become the first country to commit an investment in the fund with $1 billion,” President Luiz Inácio Lula da Silva told a high-level event on the sidelines of the UN General Assembly in New York on Tuesday. “I invite all partners in attendance to make equally ambitious contributions so that the TFFF becomes operational at COP30 in November.”

    “In Belém, we will live the moment of truth for our generation of leaders. Tropical forests are critical to limit global warming to 1.5C. The TFFF is not charity. It’s an investment in humanity, in the planet against the threat of devastation caused by climate change,” Lula added.

    Forest-rich countries currently face a funding gap of up to $70 billion every year to halt deforestation, researchers estimated in July. In August, all eight nations that are home to the Amazon Basin endorsed the TFFF, while the BRICS group of large emerging economies has also voiced support.

    Donors urged to step up

    Some forest nations at the high-level meeting in New York – including Colombia, Ghana and Madagascar, as well as UN and World Bank observers – gave their backing to the TFFF and praised Brazil’s contribution.

    Colombia’s Environment Minister Irene Vélez said the TFFF “should be the beginning of the transformation of financial structures”. “It should be a revolutionary system that provides justice,” she added.

    Vélez urged other donor countries to follow Brazil’s lead, warning “we don’t want another dead fund”.

    Campaigners also reacted positively to Brazil’s pledge and urged rich nations to follow suit. Toerris Jaeger, executive director of the Rainforest Foundation Norway, said in a statement “it is remarkable that a tropical forest country is the first mover, with wealthier countries yet to commit”.

    World Bank to host fund

    Speaking in New York, World Bank CEO Ajay Banga confirmed that the bank will serve as trustee and interim host of the TFFF – a role it already fulfills for other climate funds such as the Fund for Responding to Loss and Damage.

    “Our job is to lay the rails and maintain them so the trains can run. We want to leave founders, funders and participating countries free to focus on delivery,” Banga said.

    The World Bank has been involved in the TFFF’s design, advising Brazilian authorities on how to structure the fund so it will qualify for a top AAA credit rating. This is key for the economics of the fund to work, as it would struggle to deliver on its promised payments with a lower rating.

    Banga said Brazil’s leadership on the TFFF is advancing the “right market thinking” around forests. He added that, if scaled up, the fund’s benefits would result in “good economics and good development”.

    Some developing countries and campaigners have been critical of the bank’s role in the loss and damage fund, accusing it of charging high hosting fees and compromising the fund’s independence. The US remains the largest World Bank shareholder.

    Other pledges to follow

    Despite Brazil’s initial contribution, other donor nations involved in the fund’s design did not come forward with pledges on Tuesday but emphasised its importance as a new way to encourage forest protection.

    “The TFFF can not only help reduce deforestation, but also maintain incentives to protect forests in perpetuity. A launch at COP30 in the Amazon could be a game-changer for forest finance,” Andreas Bjelland Eriksen, Norway’s climate minister, said during the high-level event.

    Bjelland Eriksen noted that some of the fund’s final details are in still process of being worked out, adding “Norway wholeheartedly wants the TFFF to become a reality and to succeed.”

    The TFFF is not a negotiated fund under the UN climate convention, which means that richer developing countries could contribute without assuming traditional donor responsibilities under the UNFCCC. Some experts say this could help convince China and Gulf states to chip in for the initial $25 billion in public finance.

    China and the UAE attended the event at UN headquarters and expressed support for a TFFF launch at COP30, but fell short of signalling any pledges.

    “This mechanism when operational would be groundbreaking for climate finance and has the potential to reshape how we reward nature-rich countries in preserving our common natural habitats,” Razan Al Mubarak, the UAE’s envoy for nature, said in a statement read at the event.

    The post Brazil pledges $1bn in first contribution to COP30 rainforest fund appeared first on Climate Home News.

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    Climate Change

    Outdated geological data limits Africa’s push to benefit from its mineral wealth

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    Resource-rich African nations risk missing out on the investment needed to extract and refine their mineral wealth into high-value products for the clean energy transition because they lack accurate information on what they have, experts are warning.

    African countries have attracted huge interest as the world scrambles to access the minerals and metals needed for the energy transition and digital and military technologies, with investors from the US, China, the United Arab Emirates and Europe jostling to secure access to the continent’s resources. 

    But any knowledge of Africa’s mineral wealth is, at best, an estimate based on century-old-mapping and haphazard geological data, policy experts and investors told Climate Home News. 

    The United Nations says Africa is home to 30% of the world’s mineral reserves, including cobalt, copper, lithium and manganese, which are needed to manufacture batteries and other clean energy technologies.

    But experts like Bright Simons, who tracks natural resource spending in Africa for the Ghana-based IMANI Centre for Policy and Education, said the 30% number is not backed by any “empirical, evidence-based assessment” of the continent’s mineral wealth. While some analysts like Simons think the figure could be an overestimate, others argue it is likely an underestimate of the continent’s mineral reserves.

      Up-to-date and accurate data is critical for governments to negotiate better deals with prospecting mining companies and to help drive investment in mineral extraction and processing facilities that can add value to the continent’s resources.

      But the lack of good mapping has negatively impacted the continent’s efforts to capture the economic benefits of booming mineral demand and to create jobs by extracting and processing raw materials into higher-value products before export, experts said.

      Colonial maps

      Under-exploration and scant information about Africa’s resources have made it challenging for states to attract investment and develop their resources, said Pritish Behuria, a political economist at the Global Development Institute at the UK’s University of Manchester.

      “In many cases, former colonial powers retain more current knowledge of the kinds of mineral deposits that exist in African countries – and often, this has proven difficult to access for African governments,” he told Climate Home News.

      Thabit Jacob, a researcher of extractive and energy resources at Roskilde University in Denmark, said many African countries “still rely on colonial maps”. 

      “There’s a growing realisation that Africa must know its true value in mineral richness and investment in geological mapping is crucial,” he added.

      Mapping inequality

      However, mapping investment is falling short. Africa’s share of global exploration investment has fallen in the last two decades, data shows.

      In 2024 alone, both Canada and Australia received significantly more investment in geological mapping than the whole of Africa, even though the continent’s landmass is three times the size of the two countries combined, according to the Center for Strategic and International Studies. 

      Even in South Africa, a major mining destination, only 12% of the country has been mapped at a detailed level “which compares poorly with other popular mining destinations such as Canada and Australia where there is near complete coverage at similar scales”, explained Tania Marshall, of the Geological Society of South Africa.

      Nigeria’s push to cash in on lithium rush gets off to a rocky start

      To address the dearth in data, multinational institutions like the World Bank have provided African countries with finance for mapping, but have simultaneously encouraged them to liberalise and privatise their mining industries.

      As a result, international investors prioritising project development have come to dominate the continent’s mining sector, crowding out state-sponsored initiatives with stronger incentives to invest in data-gathering, researchers have found.

      Does the world need a global treaty on energy transition minerals?
      Workers during a break at the Prospect Lithium mine and processing plant in Goromonzi, Zimbabwe (Photo: REUTERS/Philimon Bulawayo)

      Digging blind

      Orina Chang, an investor leading geological mapping across Somaliland, which has reserves of copper and zinc ore, said she was surprised to find out that even countries attracting huge interest from institutional miners, such as the Democratic Republic of the Congo (DRC), do not have systematic up-to-date mapping.

      Instead, mining firms rely on artisanal mining and surface signs, like exposed ores on the ground – and crossing their fingers, she told Climate Home News.

      The mapping deficit means there is little certainty on the size and quality of mineral deposits and provides few incentives for miners to invest in processing plants, Chang explained. 

      “Without mapping, everyone is blindly digging and you just get people who are not interested in really investing in your country,” she said. “With mapping, you’re able to attract much better players and build plants, create jobs, drive economic growth, help the GDP.”

      The rise of AI-driven exploration tools

      Today, AI-driven mapping tools have created new opportunities to obtain high-precision information with less on-the-ground investment. Geophysical data and satellite imagery are fed into a model that creates a geological map which can help point to high-potential deposits.

      Last year, California-based KoBold Metals, which is backed by US billionaires Jeff Bezos and Bill Gates, discovered a massive copper deposit in Zambia using AI-driven exploration. In July, the firm signed an agreement with the DRC to lead critical mineral exploration there. 

      But the technology is expensive and not widely available to governments.

      Instead, in its 2024 Green Minerals Strategy, the African Union called for some of the revenues from mineral rents to be reinvested into mapping using low-cost techniques such as satellite imagery and drones, which are less precise.

        The case for co-operation

        For Gerald Arhin, a research fellow at University College London, greater regional collaboration and pooling resources could also help reduce the costs of mapping for individual governments. Last year, for example, South Africa signed an agreement with South Sudan to co-operate on mineral exploration.

        “The sharing of data, industrial intelligence and technical expertise across borders could be transformative for African countries, as well as for developing countries in other regions,” Clovis Freire, who heads the Extractive Commodities Section at UN Trade and Development (Unctad), told Climate Home News.

        Mapping, however, is only one element of a complicated equation when it comes to developing minerals for the energy transition, said Eszter Szedlacsek, who researches climate justice in the context of the green transition at the Vrije Universiteit Amsterdam.

        “In the race for Africa’s critical minerals, deals hinge only partly on where resources are found, and more on geopolitics, investment conditions and longstanding trade ties,” she said.

        The post Outdated geological data limits Africa’s push to benefit from its mineral wealth appeared first on Climate Home News.

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        Climate Change

        From Baku to Belém and beyond: How we turn a climate finance roadmap into reality

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        Mukhtar Babayev is COP29 President and Special Representative of the President of Azerbaijan for Climate Issues.

        COP has entered “late-stage multilateralism”. We have already agreed the processes, targets and mechanisms to guide action. The system is now fully operational, resilient and delivering results. Success today depends less on what new things all countries agree and more on what individual actors achieve.

        And we are in a race against the clock, so there is a desperate need for speed. This will require new modes of working, rather than repeating the lumbering mechanisms of generations past. Our conversations at COP30 confirmed to us that the will and energy is there in bundles. It now needs to be directed.

        On finance, there is much to do. At COP29 we set the Baku Finance Goal to scale up support for the developing world to $1.3 trillion per year by 2035. This was no small ask.

          We are trying to intervene in the normal functioning of the world economy and channel the forces of global finance. Success will require great political will, sustained focus, and relentless action from all of us – the private sector, central banks, financial institutions, and everyone in between.

          But while the problems are easy to identify, the solutions are often missing. Efforts to reform the global financial system have been disjointed and the COP process needed a new framework to engage with actors outside our normal systems.

          More room for creativity outside negotiations

          In recognition of the need to try something new, countries mandated the Azerbaijani and Brazilian COP Presidencies to produce the Baku-to-Belém Roadmap to $1.3 trillion to set out the next steps. This was an innovative format, outside the negotiations and therefore given a free hand to be more creative.

          We opened the process to everyone. And while we promised that we would not be prescriptive, we were clear that we would be fearless at providing an honest look at a wide range of options.

          Countries have warmly welcomed the approach, and we were pleased to see the Roadmap recognised in COP30’s Global Mutirão decision. In Belém, they told us that while they don’t necessarily agree with every line, they still see the value of the exercise and want to build on it. This is a radical change from the normal process where we argue over every word and comma of each formal text.

          Practical next steps

          The Roadmap can act as a focal point and a coherent reference framework that incorporates existing initiatives. It identifies key action fronts and thematic priorities. And it concludes with practical short-term steps to guide early implementation.

          Many of these were designed to address the problems that COP presidencies have seen firsthand – lack of consistent data and reporting, uncertainty about forward projections, silos and a lack of continuity and interoperability between different processes.

          But we must acknowledge that this exercise has made some feel uneasy. They have feared that by broadening our focus, we are providing cover for governments not to fulfill their traditional responsibilities. And it is unacceptable that we have indeed seen cases of donors cutting funds and expecting the private sector to fill the gap.

          Donors must deliver in full

          So as we set out the Roadmap for all to follow, we have a duty to be unequivocal with governments. The COP29 negotiations to agree on the historic target for $300 billion per year in public funds by 2035 were hard. Now, there can be no excuses. We asked vulnerable communities to accept the limits of how much support they could expect. In equal measure, we insist that donors deliver in full, with developed countries taking the lead.

          COP30 fails to land deal on fossil fuel transition but triples finance for climate adaptation

          Too often, when we set a target for everyone, no one steps up, as collective responsibility undermines individual accountability. That must change. And in the Roadmap we have asked developed countries to work together on a delivery plan that explains how they will meet the $300 billion per year climate finance goal.

          Innovative approaches needed

          Late-stage multilateralism demands that we are ready to innovate with our processes. They did well to get us this far and they need to be preserved. But we also need to think outside the box on how we deliver the aims and objectives that we have set ourselves.

          COP30 showed that there is an appetite for new approaches and new ideas. The Baku-to-Belém Roadmap could be a template for one such evolution of the COP process.

          Now we need other ideas, more creativity and real-world action to show that this template can work. The COP29 Presidency will continue to work with everyone to find new solutions, scale promising initiatives and deliver on the promises we have all made.

          The post From Baku to Belém and beyond: How we turn a climate finance roadmap into reality appeared first on Climate Home News.

          From Baku to Belém and beyond: How we turn a climate finance roadmap into reality

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          Climate Change

          Bittersweet

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          I write with a bittersweet announcement. I am moving on from Climate Generation at the end of December. It has been an honor to share my thoughts with you each month here.

          For 19 years, Climate Generation has been supporting educators, young people and communities to build climate change literacy and ignite action to arrive at a just and abundant world beyond the climate crisis. This critical and powerful work is essential and will continue with the current team and new leadership.

          My time with Climate Generation has been an amazing three years. I have appreciated each of you and the solidarity we built to continue the work despite unprecedented threats from the federal administration, entrenched climate change denialism and the erasure of critical resources. Climate Generation has persevered in spite of those challenges, filling a critical need in the climate justice movement. I am so proud of the work we have accomplished together in this time. Some of the highlights include:

          • Increasing the quality and impact of YEA! (Youth Environmental Activists!) programming with adoption of the Youth Program Quality Assessment tool and experiential learning frameworks.
          • Retooling our Window into COP program by leveraging relationships to send locally based, intergenerational, and mostly BIPOC delegations to the COPs (Conference of the Parties, also known as the United Nations Climate Talks)
          • Launching the Schools As Solutions Fellowship to support educators in becoming climate justice changemakers.
          • Adding two youth seats to our Board of Directors.
          • Helping to pass groundbreaking legislation, including the 100% Clean Energy bill, the Cumulative Impacts Bill (protecting environmental justice communities), and Ethnic Studies (bringing the experiences of ALL Minnesotans, especially those that have been marginalized, into our curriculum).

          Climate Generation has put together a Transition Committee with board and staff representation and is working with Mighty Consulting to bring in an Interim Executive Director. I deeply trust this leadership team and am confident that they will chart the path to carry Climate Generation forward.

          I am excited about the work that Climate Generation will continue doing to ignite and sustain the ability of educators, youth, and community to take action on the systems perpetuating the climate crisis. Together we are building a movement.

          In solidarity,

          Susan Phillips

          Susan Phillips
          Executive Director

          The post Bittersweet appeared first on Climate Generation.

          https://climategen.org/blog/bittersweet/

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