The state of Pará in Brazil committed to achieving zero net emissions from forest and land use by 2036. To achieve this goal, deforestation must be drastically reduced and 5.6 million hectares of forest must be restored by 2030. Pará is developing a Payment for Environmental Services (PES) program to incentivize forest conservation and restoration. This program will generate economic opportunities, channeling public and private resources to foster low-carbon economic development.

The IDB’s Amazon Initiative recently approved a project in the state of Pará to create an innovative public policy instrument that will provide the state with a mechanism for payment for environmental services and enable the mobilization of climate finance for environmental protection in the Amazon. The IDB project will provide financing for the design and implementation of a pilot platform that will be scaled up in later stages.

This key project will assist the state of Pará in its efforts to address long-term sustained mobilization to finance the Pará Amazônia State Agora Plan (PEAA), a vital public policy instrument to achieve sustainable economic development and reduce deforestation in the Amazon region.

🕑 3:00 – 4:15 pm (Egypt)