Norway will contribute about $3 billion to the Tropical Forests Forever Facility, a multilateral fund proposed to support global conservation of endangered forests, the government said Thursday during a leaders’ summit ahead of the U.N. climate talks known as COP30.
The donation, first reported by Reuters, is the largest contribution announced yet to the new fund proposed by the summit host Brazil.
Norway’s government confirmed in a public statement that it would contribute up to 30 billion crowns ($2.99 billion) by 2035 to the fund, which aims to use government contributions to raise far more private funding.
Brazil and Indonesia have each committed $1 billion to the fund. Brazilian Finance Minister Fernando Haddad said he sees $10 billion in public funds as an ambitious but feasible target for the fund’s first year.
Policymakers envision the TFFF as a $125-billion fund combining sovereign and private-sector contributions that would be managed like an endowment, paying countries annual stipends based on how much of their tropical forests remain standing.
Liberia could be amongst country benefiting from the fund. The country has about 6.6 million hectares of forest cover, equivalent to 69% of the country’s landmass, with 153.45 tons per hectare of carbon, according to the United Nations Development Program.
($1 = 10.04 Norwegian crowns)
