Two of the largest environmental nonprofits and a carbon market project developer have collaborated to launch a conservation initiative that will help preserve the Amazon rainforest.
Silvania, a $500 million nature and biodiversity investment vehicle backed by Swiss trading company Mercuria, initiated its first major campaign in conjunction with Conservation International and The Nature Conservancy, and it's called the Race to Belém.
It was announced in late January during the World Economic Forum's annual meeting in Davos and hopes to raise $1.5 billion from the private sector ahead of COP30 in Belém, Brazil, in November.
According to a news release, the Race to Belém will work with "Indigenous peoples, local and traditional communities, farmers, as well as state and federal government to reduce deforestation at scale."
It will sell jurisdictional reducing emissions from deforestation and forest degradation in developing countries, or JREDD+, credits. The Brazilian state of Tocantins has already established a JREDD+ program and will be the first to scale thanks to the Race to Belém.
Additionally, Silvania has committed up to $100 million to jump-start the program by matching every tonne purchased by a Brazilian state with a dollar in upfront capital. The initiative will deploy the capital immediately and roll out additional phases over the next three to five years.
Race to Belém CEO Keith Tuffley told Reuters that prices for the carbon credits will be negotiated with prospective investors, leading to potentially hundreds of millions of tonnes in carbon savings.
"The consensus is that private sector engagement is now more critical than ever. The urgency to address climate challenges has only increased, and the Race to Belém highlights this by calling for transformative private investments," Tuffley said.
Though the legitimacy of carbon markets has been questioned, their goal is to allow companies or individuals to purchase carbon credits from entities that will offset their planet-warming gas production by reducing, sequestering, and avoiding pollution.
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Definitely 👍 The Amazon is one of the most vital ecosystems in the world, harboring 30% of Earth's species and holding 20% of all freshwater. It also acts as a carbon sink for the planet and is a source of many foods and pharmaceuticals.
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However, deforestation has destroyed over 54.2 million hectares in the last two decades, and continued degradation could result in severe repercussions both regionally and globally.
While the Amazon has a long road to recovery, restoration efforts by government officials and researchers have helped mitigate the years of abuse the rainforest has suffered.
"High-integrity jurisdictional credits offer a foundational tool for flipping the economic script at the scale we need, providing critical resources for Indigenous peoples and local communities who steward these lands," Conservation International CEO M. Sanjayan said.
"We have 10 months until we unite in the heart of the Amazon at a defining moment for people and the planet, and upfront capital will be the difference between success and failure," The Nature Conservancy CEO Jennifer Morris added.
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