€260 million unified EU fund targets Amazon deforestation crisis

The European Union (EU) has intensified its commitment to the Amazon rainforest, consolidating funds from EU nations to ensure they align with the objectives of its Global Gateway investment initiative. Reuters has reported that “Team Europe”, encompassing EU nations and key institutions like the European Investment Bank, will consolidate a €260 million (US$277 million) fund. This fund, previously pledged by countries including Spain, France, Germany, Italy, the Netherlands, and Sweden, is designated to counteract the Amazon’s deforestation.

Adding to this momentum, the EU is also set to earmark an additional, yet-to-be-disclosed sum to shield the Amazon from logging activities. This contribution stems from the EU’s Global Gateway investment drive in Latin America, which notably features Amazon protection as one of its top initiatives. Earlier this year in July, the EU committed to pouring €45 billion into Latin American projects by 2027 as part of the Global Gateway project.

This ambitious venture will be a central topic of discussion at the upcoming meeting between EU and Latin American financial leaders in Santiago de Compostela. The Amazon’s significance on a global scale cannot be overstated. Since 2002, the region has witnessed the destruction of over half of its old-growth tropical rainforests. These rainforests, especially the Amazon, play an instrumental role in absorbing vast amounts of carbon dioxide. Their preservation is paramount in influencing the Earth’s climate and thus, is critical in the global fight against climate change.