In total, the U.S. will cancel $21 million of Brazil’s debt in exchange for protection of the Amazon. This won’t cancel all Brazil’s debt payments, but it will lesson them over the next five years.
“Over time, these debt-for-nature programmes will together generate more than $239 million to protect tropical forests around the world,” according to the State Department.
It’s unclear if the debt cancelation agreements are part of the $1 billion pledge in fast-start financing over the next three years that U.S. has guaranteed to help end deforestation. It’s also unclear if the sum is part of the $100 billion figure that Secretary of State Clinton announced in Copenhagen last year.
In November in Cancun, countries may agree on a forest financing scheme that would pay huge sums to developing countries to help end deforestation. The program, known as REDD, could be set to be funded by offsets, which will allow polluters to keep emitting while they pay for forest preservation efforts; or it could be set up as an independent fund, paid for by developed countries. We’ll see in November.