'Amazonia' bonds in 2024 seen a tough sell for some

LONDON/SAO PAULO - A political push to raise the first-ever " Amazon ia Bond" has ramped up during talks to agree a "roadmap", yet the chance of a deal this year faces technical hurdles and scepticism among some of those tasked with managing the debt, sources told Reuters.

A member of Brazil's climate delegation told Reuters that increasing multilateral development bank financing is a top demand of it G20 presidency this year and ahead of the U.N. climate summits in Azerbaijan in November and its Amazonian city of Belem in 2025. Emerging economies are increasingly pushing for the world to help put a value on their stewardship of such shared resources, for example by generating biodiversity credits that could be sold to other countries or companies to raise money.Two sources with direct knowledge of the matter told Reuters that discussions were still in preliminary stages within Brazil's government and that any progress, if confirmed, would not come this year.

Other countries and the development banks involved in the plans did not comment on the status of talks when asked by Reuters.The March talks discussed a range of issues that will need to be agreed before the first bond is launched. Among other issues to resolve is defining what should be considered a legitimate use of the new bonds' proceeds, including whether to allow spending in cities, given 80% of those living in the Amazon are in urbanised environments.

It follows a drive by Brazil's left-wing President Luiz Inacio Lula da Silva to unite his neighbours in pushing richer nations to help pay to protect the forest. Since 1970, Latin America has lost 94% of its monitored populations of mammals, birds, fish, reptiles and amphibians, a WWF and ZSL analysis showed.The former president's onetime right-hand man pointed out Trump's history when it comes to marking his children's educational milestones.

Brazil Amazon Development Banks Amazonia Inter-American Development Bank Biggest Countries

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Top 2024 NHL Draft prospect Macklin Celebrini wins 2024 Hobey Baker AwardCelebrini beat out Boston College’s Cutter Gauthier (Anaheim Ducks) and North Dakota’s Jackson Blake (Carolina Hurricanes) to become the youngest...
Source: DailyFaceoff - 🏆 25. / 68 Read more »

Asian Stocks Rise, Bond Yields Steady at 2024 High: Markets Wrap(Bloomberg) -- Stocks in Asia climbed Tuesday after US benchmarks saw sluggish trading and Treasuries kicked off the week on the back foot ahead of key...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stocks in Asia to Rise; Bond Yields Hit 2024 High: Markets WrapStocks in Asia were set to advance early Tuesday, after US benchmarks saw sluggish trading and Treasuries kicked off the week on the back foot ahead of key inflation data.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Markets today: Bond yields hit 2024 highs with inflation in focusThe world’s biggest bond market kicked off the week on the back foot as geopolitical pressures abated and traders positioned for this week’s key inflation data.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Bonds Rally After Fed Keeps 2024 Median Rate Forecast at 3 CutsShort-maturity Treasuries jumped after Federal Reserve policymakers stuck with their forecast for three quarter-point interest-rate cuts this year, putting to rest market concern that the central bank would crimp plans to ease monetary policy.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

IMF says ballooning debt and trade disruptions threaten 2024 growth, force tough policy choicesThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »