Norway to Complete $1 Billion Payment to Brazil for Protecting Amazon

 
Reuters, 15/09 15:48 CET

OSLO (Reuters) – Norway will make a final $100-million payment to Brazil this year to complete a $1-billion project that rewards a slowdown in forest loss in the Amazon basin, Norway’s Environment Ministry said on Tuesday.

Brazil had more than achieved a goal of reducing the rate of deforestation by 75 percent, the condition for the payments under an agreement for 2008-15 meant to protect the forest and slow climate change, it said.

The remaining cash would be paid before a U.N. summit on climate change in Paris in December, the ministry said. Since 2008, Norway has paid about $900 million to Brazil’s Amazon Fund. 

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Source: Euronews