Race to Belém: Saving the Amazon with Carbon Credits

Silvania, backed by Swiss-trading house Mercuria, partners with Conservation International and The Nature Conservancy to raise $1.5 billion for Amazon preservation. The 'Race to Belém' initiative aims to sell carbon credits, engaging local stakeholders and addressing recent climate challenges. Immediate deployment of JREDD+ credits will begin.

A new initiative to protect the Amazon rainforest, backed by Swiss-trading house Mercuria, has garnered $1.5 billion in funding. Silvania, partnering with Conservation International and The Nature Conservancy, aims to safeguard the Amazon through carbon credits, engaging Brazilian states, farmers, and local communities.

The 'Race to Belém' aims to capitalize on growing concern about climate change. The plan is designed to align with global climate talks set to occur in Belém, Brazil. By gaining support at every governmental level, the initiative hopes to sell credits related to forest preservation, countering past criticisms of such projects.

With U.S. policies slowing climate efforts, private investment becomes crucial. Race to Belém CEO Keith Tuffley emphasized the need for urgent action to combat climate challenges, with Silvania pledging significant capital to motivate states. The project will deploy JREDD+ credits, expecting significant carbon savings and marking a potential turning point for Amazon protection.

(With inputs from agencies.)