Brazil partners with largest climate finance alliance to boost green growth

(Reuters, 26 Feb 2024) Brazil on Monday announced it would partner with the world's biggest financial climate coalition to turbocharge funding for clean energy and efforts to restore nature, such as reforesting the Amazon rainforest.

Brazilian development bank BNDES will partner with the Glasgow Financial Alliance for Net Zero (GFANZ) - a global coalition of asset managers, banks and insurance firms - to mobilize public and private financing.

The tie-up echoes some existing initiatives to help countries, such as a $20 billion program in Indonesia to phase out coal, although Brazil's announcement does not come with the multi-billion dollar investment commitments. BNDES President Aloizio Mercadante declined to give a value of the expected investment or a timeline for its launch, but told reporters that the government would act with "urgency." The announcement comes amid President Luiz Inacio Lula da Silva's bid over the next two years to take a central role in leading global climate efforts by hosting the Group of 20 largest economic powers this year and the United Nations COP30 climate summit in 2025.

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Reuters, 26 Feb 2024: Brazil partners with largest climate finance alliance to boost green growth