Colombia’s government has introduced a new Fund for Life and Biodiversity to protect ecosystems in the country, with plans to manage close to $1 billion by 2026, the environment ministry announced on Thursday.
The fund will enable environmental projects to receive financial support more than once and will be managed by a trust aimed at increasing the efficiency of resource distribution, the ministry said in a statement.
Colombia, known as one of the world’s most biodiverse countries, experiences annual deforestation in vast areas of the Amazon rainforest and other jungles. Preservation of rainforests, such as the Amazon, is crucial in addressing climate change, according to scientists.
“We hope to deliver the first resources from this fund by the end of the year, as it is a critical tool for environmental management and change across the country,” said Environment Minister Susana Muhamad in the statement.
The statement did not specify the initial funding for the fund, which is projected to manage around 4 trillion pesos ($981 million) by 2026.
The fund will be financed through five sources, including a carbon tax, government budget allocations, and donations, as stated in the announcement.
“We aim to mobilize resources and stakeholders to implement interventions that address the needs of ecosystems and rural communities and produce sustainable changes over time,” Muhamad added.
($1 = 4,077.44 Colombian pesos)
(Reporting by Oliver Griffin; Editing by Marguerita Choy)
