Santiago de Compostela, Spain - On September 15, the European Union announced its strong support for an initiative aimed at safeguarding the Amazon rainforest. The EU has committed to overseeing the financial contributions from its member states, ensuring that these funds are utilized according to the objectives outlined in its Global Gateway investment program.
Team Europe, composed of EU member states and institutions such as the European Investment Bank, will coordinate the 260 million euros ($277 million) that have already been pledged by Spain, Italy, Sweden, France, Germany, and the Netherlands to combat deforestation in the Amazon region. Additionally, the EU will allocate an undisclosed sum to protect the forest against logging through its Global Gateway investment scheme in Latin America, where Amazon rainforest preservation stands as a prominent project.
The Global Gateway project, announced in July, commits the EU to invest 45 billion euros in Latin America by 2027. This initiative will be the subject of detailed discussions on Friday during meetings between EU and Latin American finance ministers in Santiago de Compostela, Spain.
Sources with direct knowledge of the negotiations, who preferred to remain anonymous, indicate that the ministers aim to ensure that the allocated funds are effectively disbursed and used as intended. The European Commission, in the past criticized for committing substantial investments to developing regions without effective oversight mechanisms, will now assume a leading role in managing the flow of funds. This involves integrating individual country contributions into a donor platform recently launched by the Inter-American Development Bank (IDB), occurring concurrently with the ministers' meeting.
It is worth noting that over half of the global destruction of old-growth tropical rainforests, including the Amazon and adjacent forests, has occurred since 2002. These rainforests, particularly the Amazon, play a crucial role in absorbing significant amounts of carbon dioxide and shaping the Earth's climate, making their preservation vital in the fight against climate change.