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WATCH | Rainforest countries form pact to demand conservation cash from rich nations | Business

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A dozen rainforest countries formed a pact on Wednesday at a summit in Brazil to demand developed countries pay to help poorer nations combat climate change and preserve biodiversity. | News24_Business

A dozen rainforest countries at this week's Amazon summit formed a pact to demand that rich nations help preserve biodiversity.

The joint statement, titled"United for Our Forests," was issued by Bolivia, Brazil, Colombia, the Democratic Republic of Congo, Ecuador, Guyana, Indonesia, Peru, the Republic of Congo, Saint Vincent and the Grenadines, Suriname and Venezuela. Brazil's President Luiz Inacio Lula da Silva called this week's Amazon Summit in a bid to forge a united front among rainforest nations when they engage in international negotiations like the United Nations' COP28 climate summit, due to be held later this year.

They also expressed concerns that richer nations have not delivered on a promise to provide $100 billion in climate financing annually to developing countries. Additionally, they called on developed nations to meet an existing commitment to provide $200 billion per year for biodiversity preservation.

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