BOGOTA (Reuters) – Colombia’s environment ministry said on Thursday that the government has launched a new life and biodiversity fund to help protect the country’s ecosystems, adding that it will manage nearly $1 billion by 2026.
The ministry said in a statement that the financial mechanism will allow environmental initiatives to receive cash resources more than once, adding that the fund will be managed by a trust fund that will oversee greater efficiency in distributing resources.
Colombia is one of the most biodiverse countries in the world with vast tracts of the Amazon rainforest and other forests being deforested every year. Scientists say protecting rainforests like the Amazon is vital to reducing the effects of climate change.
“We hope that at the end of this year we will be able to deliver the first resources from this fund, which is an essential tool for environmental management and change across the country,” Environment Minister Susana Mohammed said in the statement.
The statement did not say how much money would be used to start the fund, which will manage nearly 4 trillion pesos ($981 million) by 2026.
The statement said that financing for the fund will come from five sources, including a carbon tax, the government budget, and donations, among others.
“We hope to mobilize resources and actors to achieve interventions that respond to the needs of ecosystems and communities (in rural areas) and bring about sustainable changes over time,” Mohamed said.
($1 = 4,077.44 Colombian pesos)
(Reporting by Oliver Griffin; Editing by Marguerita Choi)
