Norway Pledges $3 Billion to Save Tropical Forests

Norway has announced it will devote $3 billion to the Tropical Forests Forever Facility, a significant fund designed to aid the global conservation of endangered tropical forests. This announcement was made during a leaders' summit held ahead of the COP30 climate talks. The fund was first reported by Reuters as part of a larger effort organized by Brazil.

The Norwegian government confirmed that it will contribute up to 30 billion crowns by 2035. This fund is part of a strategy to leverage government contributions to attract even more private investment. Brazil and Indonesia have each committed $1 billion, aspiring to reach $10 billion in public funding for the fund's introductory year, according to Brazil's Finance Minister Fernando Haddad.

The Tropical Forests Forever Facility aims to amass a comprehensive $125-billion fund through a combination of sovereign and private-sector contributions. Managed as an endowment, this fund will allocate annual payments to countries based on the extent of their tropical forests that are preserved.