Colombia creates biodiversity fund with goal of managing nearly $1 billion

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BOGOTA (RockedBuzz by way of Reuters) – Colombia’s authorities has launched a brand new Fund for Life and Biodiversity to assist defend the nation’s ecosystems, the Environment Ministry stated on Thursday, including it’ll handle nearly $1 billion by 2026 .

The monetary mechanism will enable environmental initiatives to obtain financial sources greater than as soon as, the ministry stated in an announcement, including that the fund will likely be managed by a belief fund that can guarantee better effectivity within the distribution of sources.

Colombia is one of probably the most biodiverse international locations on this planet, the place areas of the Amazon forest and different jungles are deforested yearly. Scientists say defending rainforests just like the Amazon is significant to curbing the results of local weather change.

“We hope that at the end of this year we will be able to provide the first resources from this fund, a fundamental tool for environmental management and change across the country,” Environment Minister Susana Muhamad stated within the assertion.

The assertion didn’t say how a lot cash will likely be used to begin the fund, which is able to handle nearly 4 trillion pesos ($981 million) by 2026.

Funding for the fund will come from 5 sources, the assertion stated, together with a carbon tax, the federal government price range and donations, amongst others.

“We hope to mobilize resources and actors to implement interventions that respond to the needs of ecosystems and communities (in rural areas) and generate sustainable change over time,” Muhamad stated.

($1 = 4,077.44 Colombian pesos)

(Reporting by Oliver Griffin; Editing by Marguerita Choy)

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