The Global Gateway project, launched by the EU in July, commits to investing 45 billion euros in Latin America by 2027.
The European Union has stepped up to support a comprehensive plan aimed to protect the Amazon rainforest. The EU has pledged to coordinate financial contributions from its member states, ensuring that the allocated funds are utilized effectively under its Global Gateway investment initiative.
Under the collective effort known as “Team Europe,” which encompasses EU member states and institutions, including the European Investment Bank, a total of 260 million euros (approximately $277 million) has already been committed by Spain, Italy, Sweden, France, Germany, and the Netherlands. This substantial financial commitment is intended to combat deforestation in the Amazon region.
Additionally, the EU will contribute an undisclosed amount to further fortify measures against logging, drawing from the EU’s Global Gateway investment scheme dedicated to Latin America. Within this initiative, the protection of the Amazon rainforest stands as one of the flagship projects.
The Global Gateway project, launched by the EU in July, commits to investing 45 billion euros in Latin America by 2027. Further discussions regarding the scheme are set to take place among EU and Latin American finance ministers in Santiago de Compostela, Spain.
Sources familiar with the negotiations have indicated that the ministers are focused on ensuring that the allocated funds are efficiently disbursed for their intended purpose. This concerted effort aims to address past concerns where large investment pledges lacked transparent mechanisms for verification.
To address this, the European Commission will assume a central role in orchestrating the flow of funds. It will integrate individual country contributions into a newly established donor platform, launched by the Inter-American Development Bank (IDB) on the sidelines of the ministers’ meeting.
The Amazon rainforest, which has witnessed over half of the global destruction of old-growth tropical rainforests since 2002, plays a pivotal role in mitigating climate change. Its capacity to absorb significant amounts of carbon dioxide makes it indispensable in shaping the Earth’s climate.
By rallying behind this initiative, the EU and its member states are taking concrete steps to protect one of the world’s most vital natural assets, Amazon Rainforest. This united effort not only underscores the importance of international cooperation in environmental conservation but also signifies a resolute commitment to combating climate change on a global scale.