The European Union (EU) is stepping up to enhance the protection plan for the Amazon rainforest. On Friday, it promised to oversee the financial aid from EU countries and ensure it is used correctly through its Global Gateway investment initiative.
Team Europe, a group that includes EU member states and entities like the European Investment Bank, is taking charge of the 260 million euros ($277 million) previously promised by several European nations including Spain, France, and Germany. This fund is aimed at reducing deforestation in the Amazon.
According to Reuters,
In addition to the existing pledges, the EU plans to contribute an extra, yet undisclosed, sum from its Global Gateway scheme. This project has earmarked 45 billion euros for investment in Latin America by 2027, with a special focus on safeguarding the Amazon rainforest.
EU and Latin American finance ministers gathered in Santiago de Compostela, Spain, to discuss the details of the scheme. A person close to the matter mentioned that the goal is to ensure the pledged money is utilized as intended.
The European Commission, which faced past criticisms for not properly tracking the disbursed funds, is now leading the effort to manage the cash flow. It plans to merge individual donations into a single platform created by the Inter-American Development Bank (IDB).
The Amazon rainforest, a critical shield against climate change, has witnessed over half of the world’s old-growth tropical rainforest destruction since 2002. The forest plays a pivotal role in absorbing carbon dioxide, thus helping to shape the Earth’s climate.
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