BRAZIL PROPOSES GLOBAL FOREST CONSERVATION FUND AT COP28

Brazil on Friday unveiled a proposal at the COP28 climate summit to set up a global fund to finance forest conservation that it hopes can raise $250 billion from sovereign wealth funds and other investors, including the oil industry.

The proposal, presented at a panel during the meeting in Dubai, provides for funding to 80 countries that have tropical forests to help maintain their trees, with annual payments based on the hectares conserved or restored.

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