Mark Carney pledges CAD 560 million for Brazil forest project

ASEAN Summit: Carney pledges up to CAD 560 million for Brazil-led forest project

Manila, November 15

Highlighting Canada's environmental commitments on social media, Canadian Prime Minister Mark Carney said in a post on X, "Canadians understand our responsibility to protect nature - both in our own backyard and around the world. Today, with President @LulaOficial, I announced that Canada is putting half a billion dollars behind Brazil's landmark rainforest conservation initiative to protect some of the most important ecosystems on earth."

According to an official release issued by the Prime Minister of Canada, this pledge is drawn from the nearly $6 billion in international climate finance committed in the 2026 Spring Economic Update, which forms part of Canada's broader target to provide over $13 billion in climate-related support to developing nations by 2031.

Co-led by Brazil and Norway, the TFFF aims to raise $35 billion from sponsoring governments and organisations to leverage up to $140 billion in private investment. Net returns from these investments will fund performance-based conservation payments across more than 70 countries to protect over one billion hectares of tropical forest annually.

At least 20 per cent of the conservation payments generated by the facility are designated directly for Indigenous Peoples and local communities.

Building on this major environmental funding announcement, Brazilian President Luiz Inácio Lula da Silva reflected on his participation in the regional gathering, sharing his broader perspectives on social media.

Expressing appreciation for the regional dialogue, Brazilian President Luiz Inácio Lula da Silva stated, "It is a great pleasure to participate, for the second time, in a Summit of the Association of Southeast Asian Nations (ASEAN). I thank President Marcos for the invitation. The theme "Navigating the Future Together," chosen by the Philippine presidency, captures the greatest need of our time: strengthening cooperation. Navigating together means choosing the path of sustainable development and reducing inequalities. And adopting multilateralism as our compass."

Expanding on the shared vision for international relations, Lula added, "ASEAN and Brazil share the conviction that a multipolar world based on multilateralism is more conducive to peace and prosperity. Citizens of the Global South are paying the price for unfair tariffs and irresponsible vetoes. The shock in energy and fertiliser prices is paralysing industries in Asia, worsening food insecurity in Africa, and driving up the cost of living in Latin America. Climate change and ongoing wars make the energy transition urgent and irreversible."

Highlighting specific areas for economic collaboration, the Brazilian President noted, "Brazil has half a century of experience with ethanol and flex-fuel engines. This sector is already one of the main pillars of Brazil's cooperation with ASEAN. We also have the world's second-largest reserves of critical minerals. We are open to cooperation and investment in this sector, but we will not allow extraction without value added on our national territory."

— ANI