Wall Street investors have earned billions financing activities linked to deforestation in the tropics, with forest loss reaching record highs last year. But a major proposal by Brazil’s COP30 presidency wants to turn financial markets into allies of the rainforest.
The Tropical Forest Forever Facility (TFFF), a proposed new fund seeking to raise cash for conservation efforts in tropical countries, is set to be launched at the COP30 climate summit in Belém later this year.
Brazilian President Luiz Inácio Lula da Silva has rallied behind the initiative and secured key endorsements from the eight South American nations home to the entire Amazon Basin. Private banks and countries in the BRICS group of large emerging economies have voiced support.
COP30 president André Corrêa do Lago has said “the TFFF is the right answer for forest conservation”.
The initiative comes as developing countries have complained about being unable to access existing forest funds at the Global Environment Facility (GEF), while foreign aid budgets which have funded forest conservation shrink in the US and Europe.
Yet finance needs in developing countries are large and growing, with estimates ranging between $20 billion and $72 billion every year to protect forests. In contrast, in 2022, the total finance destined for forests was just $2.3 billion.
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What is the Tropical Forest Forever Facility (TFFF)?
The TFFF is being proposed as a blended finance instrument, with funding from both public and private sources. It would seek to directly pay tropical countries that can show effective forest protection.
On paper, the TFFF will get its money similarly to an investment fund. Donor countries and private investors put their money in the fund, which then invests the capital in financial markets. A part of the returns is used to pay back investors and what remains is allocated to forest protection in tropical countries.
“Think of a bank that runs normal market operations but that directs its profits not to shareholders but to forests,” said João Paulo de Resende, undersecretary for economic and fiscal affairs at Brazil’s Ministry of Finance.
In its most recent version, Brazilian officials propose that the fund starts with $125 billion in capital, of which $25 billion would come from donor countries and $100 billion from private investors.
The payments to forest countries would depend on the returns of the fund, but an 8% yield would allow the fund to pay at a rate of about $4 per hectare of protected forest — which in total could raise an estimated $2.8 billion for rainforests every year.
The Brazilian government has said donor countries could include the United Kingdom, Norway and the United Arab Emirates, while private investors endorsing the fund include investment managers PIMCO, Bank of America and Barclays.
Recipients would include tropical countries in major rainforest basins such as Colombia, the Democratic Republic of Congo (DRC) and Indonesia, among others.
How is the TFFF different from other climate funds?
Other UN funds like the Green Climate Fund (GCF) or the GEF mostly give out one-time grants to countries that reduce emissions through projects and programmes to protect or restore forests (an approach known as REDD+). The TFFF would instead aim to reward countries that have kept their forests standing and can show results.
This “results-based payments” system is not new – the GCF, for example, gave out more than $500 million between 2015 and 2020 in this way. However, a fund solely for countries that can show success in preventing deforestation is a new way to target large intact rainforests, which struggle to receive REDD+ funding, said Torbjørn Gjefsen, international forest finance advisor at the Rainforest Foundation Norway.
“There is complementarity. It’s not competing with REDD+,” said Gjefsen. “If fully operational, it will substantially increase the amount of funding available for this kind of results-based payments.”
Amid a context of tighter foreign aid spending, another key difference is that the TFFF would seek to attract investments rather than depending on donations from public budgets.
The fund’s concept note claims that, if fully operational, the one-time investment from donor countries would allow payments to forest nations for as much as 40 years in the future.
Finally, unlike the other UN environmental funds, the TFFF is being proposed as a mechanism hosted by the World Bank outside of UN environmental conventions.
Sandra Guzman, founder of the Climate Finance Group for Latin America and the Caribbean (GFLAC), said this could potentially help convince large developing countries like China to contribute funds without having to assume donor-country responsibilities at the UN negotiations. Chinese officials have welcomed the TFFF and said they “hope it plays a positive role”.
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How will the TFFF make money from financial markets?
In tapping financial markets, the TFFF will have to also deal with risk. If investments don’t generate the expected yields, payments to forest countries would need to be paused and paid out later, de Resende said.
The Brazilian government’s estimates show that if the TFFF had been operating in the last 20 years, it would have been under financial stress on two occasions: during the 2008 financial crisis and during the COVID-19 pandemic. The TFFF’s models project a 60% chance that payments to forest countries would need to be slightly reduced at some point in the fund’s lifespan.
The Brazilian authorities remain optimistic, as most value fluctuations are likely to be small, they say. De Resende said that “over the long run, this risk is minimal.”
The TFFF’s main strategy is to get cheap money from investors and lend money to emerging economies at much higher interest rates. Emerging market bonds would account for as much as 80% of its investments.
Critics say this could be a risky strategy, which is precisely why these emerging countries pay higher interest rates. “The risk of Egypt’s state bond is just not the same as the risk of US treasury bonds,” said Max Alexander Matthey, co-founder of Climate Impact Auctions.
Another key point is that, for the fund to achieve the promised payments, it would need to borrow money at a very low cost, so it would need a top-category AAA rating from credit rating agencies. Brazilian authorities have been in discussion with agencies on this and have said they aim to receive a “shadow rating” for the TFFF before COP30.
As part of the strategy, the fund will also exclude any investments in polluting industries such as coal, oil and gas.
Can COP30 turn adaptation talks into real-world investments?
Who is allowed to receive payments from the TFFF?
According to the fund’s concept note, the 74 countries that are home to rainforests could be eligible to apply for TFFF payments if they meet the required criteria.
To access funds, tropical countries must demonstrate that they are reducing deforestation in a defined area, have a robust forest measurement system and a set of forest policies, and demonstrate that the payments will not replace national resources.
Countries would also have to commit to reserve at least 20% of payments for Indigenous people. While an important step, Guzman said this could be tricky in practice because of the challenges of directly transferring funds to these communities.
“Indigenous communities do not always have formal legal structures or administrative capacity,” she said. “It’s not easy, but it is desirable that communities start building these legal mechanisms.”
Currently not many forest countries meet the minimum requirements to be eligible for TFFF payments.
Online platform TFFF Watch, built by NGO Plant for the Planet, calculates that major countries like the DRC and Indonesia would not qualify for payments due to high deforestation rates, and would be missing out on annual deals worth $400 million and $450 million respectively.
On the other hand, Papua New Guinea would benefit greatly if the TFFF goes into operation exactly as laid out in its concept note, according to TFFF Watch. The country is already eligible for around $120 million in annual rewards, the platform estimates.
As shown by recent wildfires in the Amazon, some countries could end up losing or seeing some of their forests degraded even with robust protection measures in place. In these cases, countries would get their payments cut by the same ratio as they lose forests.
Yet once they do receive TFFF funding, forest countries will have full authority over how to use the funds.
Brazilian government authorities have sent a letter of intent to the World Bank, which will have to decide by October whether it will host the TFFF. By COP30, Brazil plans to sign a declaration of intent with donor countries.
The post Explainer: Brazil’s “right answer” to forest finance turns to markets to keep rainforest standing appeared first on Climate Home News.
Explainer: Brazil’s “right answer” to forest finance turns to markets to keep rainforest standing
The head of the United Nations has launched an initiative aimed at holding artificial intelligence companies accountable for their exploding environmental impacts, including their carbon emissions, the amount of water and land used for data centres, and the energy they consume.
During a speech at London Climate Action Week on Tuesday, António Guterres noted that AI can accelerate climate solutions, among other key challenges, and said its potential must be harnessed.
“But AI is also hungry for land, water and power,” he emphasised, adding that the data centres needed to run AI models already consume more electricity than most countries.
The UN Secretary-General repeated a call he first made in July 2025 for all big AI companies to commit to power every data centre with renewable energy by 2030.
Some tech firms have announced they are sourcing or building out clean energy to run their hubs, but growing power demand is also contributing to gas-fired generation in the US, according to data from Global Energy Monitor.
The International Energy Agency (IEA) estimates that data centres are set to more than double the emissions from the electricity they use between 2024 and 2030 in a high-growth scenario. But AI’s use could lead to far larger reductions in the energy sector through efficiency gains if adopted widely.
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‘No more hidden costs’
Proposing the new “AI Environmental Transparency Initiative” on Tuesday, Guterres also urged big AI firms companies to measure and publicly disclose the full environmental impact of their systems, including their carbon, water, and land footprints.
“No more hidden costs. No more shifting the burden onto those least able to bear it. It is time to come clean,” he said in a major speech on responding to the world’s twin climate and energy crises. “If AI is to help build a better future, it must be honest about what it costs us now.”
A report issued earlier this month by the UN University Institute for Water, Environment and Health noted that most current assessments of AI’s environmental cost focus on carbon emissions from training models. But, it added, this misses a substantial part of the picture.
Every kilowatt-hour of electricity for AI also carries a water footprint, from cooling and generation, and a land footprint, from infrastructure and supply chains, it said.
Explainer: Will AI data centres make or break the energy transition?
The report estimated that AI data centres globally could consume 945 terawatt-hours of electricity annually by 2030 – more power than all but five countries and roughly twice France’s 2025 consumption.
Offsetting this carbon footprint by 2030 would require growing some 6.7 billion trees over 10 years, it calculated. Producing power for the data centres would consume water equal to the basic needs of 1.3 billion people in sub-Saharan Africa for a year and take up land of more than 14,500 square kilometers, roughly twice the Jakarta metropolitan area.
The European Union said earlier this month it will develop minimum energy-efficiency standards for both new and existing data centres, with a “needs assessment” due by 2027, Reuters reported. It’s also planning a sustainability label for data centres, covering criteria including water use and clean energy supply – but that has been delayed.
US community push-back
Asked after his speech what the response had been, the UN chief said “we’ll see”, without giving more details.
But, he argued that, in his view, the push for transparency “is perfectly reasonable and even positive for the AI industry, because eventually some people will say that they consume much more than they really do”. “I think the truth is essential,” he added.
Concerns about the environmental impacts of AI and the infrastructure needed to run the technology have led to growing opposition in some communities, especially in the US.
This month, Monterey Park in Los Angeles County was the first city in the United States to enact a citywide prohibition on data centres through a voter-approved ballot measure. The developers behind a proposed centre in the area had already pulled the project in April amid an increasingly hostile local environment and regulatory uncertainty.
The vote that stopped a data center: US communities query resource-hungry AI
According to nonprofit Data Center Watch, around $64 billion-worth of data centre projects nationwide were delayed or blocked between May 2024 and March 2025 as communities pushed back against them.
Industry lobby groups argue that data centres can provide economic benefits in their host communities. According to the US-based Data Center Coalition, which represents big operators and developers, data centres generate tax revenue, support construction and technical jobs, and provide infrastructure needed for cloud computing, scientific research and AI development.
The industry has also challenged claims that data centers necessarily raise electricity costs for households.
Force for good?
The UN chief said benefits can be few in the places that are home to the data centre, while “communities are often left in the dark about the environmental impact of the infrastructure rising around them”.
Guterres said companies have an “obligation” to be clear and open about the services they are offering but also the level of resources they require.
“Transparency is essential for the decisions that communities must make – and transparency is essential even for the future of artificial intelligence, and to make sure that artificial intelligence is essentially a force for good,” he told an audience of climate professionals in London
A senior UN official told journalists ahead of Tuesday’s announcement that the AI industry has started to talk about and disclose some of their impacts, but those efforts are not yet comprehensive enough.
The hope is that the new initiative will “encourage the industry to come together and take further action on it”, the official said.
The post UN asks AI companies to reveal full environmental impacts appeared first on Climate Home News.
Phillipe Ciais has spent almost four decades researching the planet’s carbon cycle – and the ways in which humans have been impacting its balance.
Based at the Laboratoire des Sciences du Climat et de l’Environnement (LSCE) on the outskirts of Paris, Ciais (pronounced “see-es”) has been listed as an author on more than 1,300 peer-reviewed studies.
In fact, analysis of Carbon Brief’s Cosmos database reveals that – by some distance – he is the most highly cited climate scientist in the world.
In a wide-ranging interview, he discusses:
The post Prof Philippe Ciais: The world’s most highly cited climate scientist appeared first on Carbon Brief.
https://www.carbonbrief.org/prof-philippe-ciais-the-worlds-most-highly-cited-climate-scientist/
Climate Change
Cited 23 June 2026: Project Cosmos launch | Science ‘under attack’ at Bonn | Emissions inequality
Welcome to Cited, your essential guide to new climate research.
In the news
SCIENCE ‘UNDER ATTACK’: Climate Home News reported that “dozens” of countries called out “coordinated attacks” aimed at “undermining the role of climate science” at UN climate talks in Bonn, Germany, last week. According to the outlet, the countries said that UN decision-making had to remain based on the “best available science”, including the reports of the Intergovernmental Panel on Climate Change. One negotiator said that India and Saudi Arabia “opposed calls in draft texts to encourage scientific work on scenarios that would minimise the magnitude and duration of any overshoot of 1.5C”, the article noted. For more, read Carbon Brief’s summary of the negotiations.
REPORT OPPOSITION: “Oil industry allies” in the US are targeting a report on extreme weather attribution, due to be published by the National Academies of Sciences, Engineering and Medicine, according to Politico. The outlet reported that the “heightened scrutiny – which involves a secretive opposition research group scouring scientists’ emails – has prompted two people to leave the 15-person panel tasked with producing the report”. Separately, the Guardian reported that the Trump administration has “reversed its decision” to dismantle the Ocean Observatories Initiative, a $368m deep-sea observation system.
SUPER EL NIÑO: BBC News reported that the US National Oceanic and Atmospheric Administration announced that El Niño had “officially begun”. Forecasts suggest the event could be among the “strongest ever recorded”, it added. Meanwhile, a “vigorous debate” is taking place about whether climate change is making the El Niño phenomenon more intense, according to the New York Times. The outlet explained that some scientists see the run of “comparatively strong” El Niño events in recent decades as an indication that “climate change is supercharging El Niño”. However, it added that “others say there is no clear evidence to support that theory”.
Research picks
Water
- Global sea level rise has nearly tripled the number of days since the 1970s when coastal water levels have surpassed average tide gauge readings | Science Advances
- As the Arctic warms, increased iceberg activity could “reshape” deep-sea habitats and “elevate” navigational hazards as maritime traffic expands | Nature
- Sea level rise has quadrupled the frequency of extreme coastal sea-level events since the year 1900 | Nature Climate Change
Inequality
- The top 10% of consumers are responsible for $1.7-5.7tn of environmental damage each year, surpassing international climate and biodiversity financing gaps | Communications Sustainability
- Calculating an individual’s emissions based on their asset ownership suggests that wealthier people are responsible for an even higher share of global greenhouse gas emissions than indicated by past studies | Nature Climate Change
- A plan that places equity at the “centre” of climate adaptation efforts in cities is needed to address the “stark disparities” between “affluent” and “disadvantaged” urban communities’ ability to prepare for extreme heat | PLOS Climate
Extremes
- In the western US, 42% of burned area over 2001-24 occurred during, and immediately following, heatwaves | Science Advances
- “Hot-to-wet” whiplash events have become more frequent across Australia over the past century, with south-eastern Australia emerging as a hotspot | Journal of Climate
- Rapid urbanisation, combined with more intense rainfall from tropical cyclones, have increased people’s exposure to “extreme” rainfall from tropical cyclones across China | Journal of Hydrometeorology
Captured
One billion additional people face at least one day of “extreme heat stress” every year compared to the 1970s, according to research published in Nature Climate Change.
The chart shows changes in “strong” (top), “very strong” (middle) and “extreme” (bottom) heat stress, defined as a “universal thermal climate index” above 32C, 38C and 46C, respectively. The grey bar shows the percentage of the global population exposed to at least one, 30 or 90 days of heat stress in 1970. The light and dark blue bars show the number of additional people experiencing heat stress over 2015-24 due to population growth and rising global temperatures, respectively.
10%
Equivalent damage to the UK’s GDP caused by climate change if global warming reaches 4C by 2100, according to new research in Nature Climate Change. The study estimates a range of 2-20%.
Spotlight
Introducing: Project Cosmos
Carbon Brief explains how it built a major new database of climate science research and unveils a new ranking of the 500 most highly cited publications, authors and institutions in climate science.
This week, Carbon Brief launched Project Cosmos – the world’s largest and most complete database of climate change research.
The database features more than 1.8m academic papers, books and reports, capturing the vast body of human knowledge about climate change that has accumulated over more than a century of academic study.
The climate science “universe” is based on reports from the Intergovernmental Panel on Climate Change (IPCC), which are recognised as the world’s most authoritative summaries of the latest climate science.
Since its first report was published in 1990, humanity’s knowledge about human-caused climate change has ballooned. The IPCC has published six sets of reports in total – each one longer than the last.
In total, IPCC reports reference more than 100,000 other papers, books and reports. This is the core of our climate science universe. Carbon Brief then built on this core, by looking at four other sources of data. Read more about how the Cosmos database was created here.
Every single publication in the Cosmos database is linked to at least one other through references. Visualising these links reveals a “galaxy” of references. In the image above, each colour and cluster reveals different topics and densities of research. Explore the galaxy in an interactive map here.
Cosmos 500
As part of an initial wave of preliminary analysis to demonstrate the scope of the Project Cosmos database, Carbon Brief has ranked the 500 most highly cited publications, authors and institutions in the database.
The most highly cited climate scientist is Prof Philippe Ciais, who has spent almost four decades researching the planet’s carbon cycle – and the ways in which humans have been impacting its balance. Carbon Brief recently interviewed Ciais in Paris.
The US tops the tables for the most highly-cited authors and institutions. Almost half of the 500 most highly-cited authors are from US institutions. This raises particular concerns for the future of climate science, as American climate scientists and institutions are coming under attack under the Trump administration.
Experts from global south countries account for only 4% of all authors in the Cosmos 500. China stands out as the most highly-cited global south country. Meanwhile, only 10% of authors in the Cosmos 500 are women.
There are many possibilities for future avenues of research using the Cosmos database. Over time, the database could be used to reveal, for example, how interest in different areas of climate science has changed over time, plus identify potential knowledge gaps and, thus, opportunities for future research.
Carbon Brief invites researchers – including academics, journalists and analysts – to submit their own proposals for co-authored studies, literature reviews and analytical projects.
Preprints to watch
Carbon Brief’s pick of new papers still going through peer review
- Regional reductions in aerosol emissions can “temporarily amplify” the likelihood of record-breaking heat events | Environmental Research: Climate
- Analysis of Reddit posts suggests the Fridays for Future movement has created “wider awareness” of global warming by drawing attention to climate change and “climate actions” | npj climate action
- Periods of simultaneous low wind and solar power generation, known as “renewable energy droughts”, will “intensify progressively” as the planet warms | Nature portfolio
Noticeboard
- 28-30 June: Seventh global conference on climate and sustainable development goal synergies, Bangkok, Thailand
- 29 June-1 July: Exeter climate conference, Exeter, UK
- 29 June-1 July: National Academy of Sciences hybrid workshop on seabed critical mineral resources, Irvine, US
- 30 June: Submission deadline for abstracts for MedCLIVAR conference, scheduled for 21-25 September in Limassol, Cyprus
- 30 June: Application deadline for postdoctoral position in ice-ocean interactions at the Physics Laboratory of Ecole Normale Supérieure de Lyon | Salary: €3,071-4,714 per month. Location: Lyon, France
- 30 June: Submissions open for abstracts for the pan-African conference on environment, climate change and health, scheduled for 21-24 October in Nairobi, Kenya
- 8 July: Application deadline for position as research officer in climate science and law at the Grantham Research Institute | Salary: £43,277-51,714. Location: London, UK
- 10 July: Application deadline for position as associate or senior editor at Nature Water | Salary: Unknown. Location: Shanghai, Beijing or Milan
Cited is researched and written by Cecilia Keating, Robert McSweeney, Ayesha Tandon, Daisy Dunne and Dr Giuliana Viglione.
Please send tips, feedback and upcoming climate research to cited@carbonbrief.org
This is an online version of Carbon Brief’s fortnightly Cited email newsletter. Subscribe for free here.
The post Cited 23 June 2026: Project Cosmos launch | Science ‘under attack’ at Bonn | Emissions inequality appeared first on Carbon Brief.
Cited 23 June 2026: Project Cosmos launch | Science ‘under attack’ at Bonn | Emissions inequality
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