The Amazon Summit gathered leaders of developing forest countries in Belém, Brazil from 8-9 August 2023. An “Innovation, Finance & Nature” event on 10 August, co-hosted by NatureFinance, discussed the bioeconomy in the context of Summit outcomes.
- The Belém Declaration was signed during the Summit by Brazil, Bolivia, Colombia, Ecuador, Guyana, Peru, Suriname and Venezuela – with 113 cross-cutting objectives and principles.
- A second declaration “United for Our Forests” was signed by 12 countries and calls for the development of a financing mechanism that allows the international community to pay for the critical services provided by forests.
- An “Innovation, Finance & Nature” side-event organised by Amazônia Legal Consortium, Nature Finance, Uma Concertação pela Amazônia, and the Inter-American Development Bank (IDB) explored the bioeconomy and Brazil’s role in putting nature on the G20 agenda.
- The Taskforce on Nature Markets launched seven landmark recommendations to embed nature and equity goals into global financial activity, and shape a global nature economy, backed by a high-level group of policy, Indigenous, business, and financial leaders.
Highlights of the Bélem declaration
The Belém Declaration, signed by the 8 members of the Amazon Cooperation Treaty Organization (ACTO), has called for developed nations to fulfil their existing pledges for climate and biodiversity finance, and pledge to protect the rights and territories of Indigenous peoples.
The need for urgent scaling up of climate action was agreed, underscoring sovereign financing innovations that can create the fiscal space for governments to increase climate action – such as debt for climate or debt for nature swaps.
The declaration does not include specific targets for halting nature crime but commits to strengthening regional and international cooperation to stop illegal mining, illegal trade and other illegal activities.
A newly created Intergovernmental Scientific Technical Panel for the Amazon was also announced to “promote sustainable development”.
“Innovation, Finance & Nature” side event on August 10th, in Belém, Brazil
A full-day event focused on the bioeconomy in the Amazon gathered almost 800 participants from finance, government, indigenous and local communities and civil society.
At the top of the agenda were innovative financial solutions and sustainability practices to drive economic growth; the inclusion of indigenous peoples and local communities in decision-making; platforms for accessing markets and data technology to highlight the value of biodiversity; and tackling illegal nature crimes through multistakeholder cooperation.
The session on shaping a global nature economy launched the final recommendations of the Taskforce on Nature Markets. Chief Almir Suruí, Leader of The Paiter Suruí people, emphasised indigenous communities’ key role in finding solutions to the climate & nature crisis and the need for them to be in the driving seat.
Click here to read the 7 recommendations on making nature markets work
The Governor of Pará and president of the Legal Amazon Consortium, Helder Barbalho, advocated for the inclusion of bioeconomy in the Brazilian national agenda during the closing remarks, also highlighting that Brazil will lead the world’s largest economies as President of G20 in 2024.
“We have to work so that, when the G20 meets in Rio de Janeiro, we can guarantee that bioeconomy is among the central platforms of the planet’s economy. This has to be a cause to be pursued by all of us. We have to put it on the global agenda”
Helder Barbalho, Governor of Pará
The event was hosted by the Amazon Legal Consortium, Nature Finance, Uma Concertação pela Amazônia, and the Inter-American Development Bank (IDB), and sponsored by Banpará, Itaú, Rabobank and Santander.
