A coalition of developed countries and multinational corporations has committed to purchasing $180 million worth of carbon credits that will go toward protecting the Amazon rainforest.
Pará is set to be the first Brazilian state to benefit from such efforts, signing a deal with the LEAF Coalition, which is backed by governments in the U.S.,U.K., Norway and South Korea along with companies such as Amazon and H&M.
"It will be the largest carbon credit sale in history," the state's governor, Helder Barbalho, said in a statement. "We dream of making living forests valuable, turning what dead forests need into a reality where the forest gains value."
Last year, Pará recorded the highest Amazon deforestation rate in the country, according to Climate Home News. The publication adds that LEAF expects to generate around 12 million forest credits by reducing deforestation in the state from 2023 to 2026. A portion of the funds will go to indigenous and local communities.
Protecting the Amazon helps to safeguard our way of life and the health of the planet. For instance, Amazon Conservation outlines the many benefits the rainforest offers to humans, including carbon storage and clean air. The organization adds that local communities rely on the Amazon for resources such as food, water, fiber, and traditional medicine.
Plus, rainforests are a vital pharmacy for people across the globe — 70% of the plants useful in the treatment of cancer grow only in rainforests, Amazon Conservation says, citing the U.S. National Cancer Institute. The Amazon is also one of the most biodiverse regions on Earth, home to 10% of all known wildlife species.
The new agreement is just one of many initiatives aimed at protecting the world's largest rainforest. For instance, one startup is deploying drones to drop seeds in hard-to-reach parts of the Amazon to aid reforestation efforts. Plus, new data revealed land protection efforts in the Brazilian Legal Amazon have reduced deforestation by up to 83%.
Barbalho expressed pride in his state being Brazil's first to sign an agreement with the LEAF Coalition. "[It] is proof of the success of our policies to combat deforestation and transition to a more sustainable, inclusive and greener economic model," he said in a press release.
Concita Sompré, leader of the Federation of Indigenous Peoples of Pará, added, "I personally believe we are on the right path, and I congratulate our governor for having the courage and audacity to implement this, being the first to really bring this discussion to the territories, also considering our perception and participation. This is important in the process.
"We are being heard."
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