IBOV 176,051 ▲ 0.18% IPSA 10,928 ▲ 0.16% IPC MEX 66,658 ▲ 1.04% MERVAL 3,226,756 ▼ 0.26% COLCAP 2,293.58 ▼ 0.61% BVL PERÚ 56,428.20 ▲ 1.55% USD/BRL5.07▼ 1.22% USD/MXN17.43▼ 0.56% USD/CLP925.55▼ 0.79% USD/COP3,247▼ 0.48% USD/PEN3.39▼ 0.64% USD/ARS1,470▼ 0.88% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.25▲ 0.29% USD/CRC448.93▲ 1.31% USD/GTQ7.62▲ 2.07% USD/HNL26.73▲ 1.38% USD/NIO36.62▲ 0.63% USD/VES722.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD156.98▲ 0.25% USD/TTD6.75▲ 1.19% EUR/BRL5.80▼ 0.42% BRENT 84.52 ▲ 1.46% WTI 79.12 ▲ 1.25% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.12% GOLD 4,067 ▲ 1.76% SILVER 59.14 ▲ 2.61% SOY 1,191 ▼ 0.94% CORN 460.75 ▲ 5.25% WHEAT 644.00 ▲ 2.71% COFFEE 327.00 ▼ 4.22% SUGAR 14.92 ▲ 1.15% ORANGE JUICE 140.90 ▼ 1.16% COTTON 81.68 ▲ 2.32% COCOA 5,936 ▲ 4.21% BEEF 231.58 ▼ 1.34% CATTLE 349.63 ▼ 1.33% LITHIUM 71.44 ▲ 1.70% PETR4 40.57 ▼ 0.22% VALE3 74.17 ▲ 1.81% ITUB4 43.28 ▼ 0.55% BBDC4 18.42 ▼ 1.86% ABEV3 15.83 — 0.00% BBAS3 20.41 ▲ 0.84% B3SA3 15.37 ▲ 1.65% WEGE3 44.47 ▲ 0.18% PRIO3 57.01 ▼ 0.33% SUZB3 41.44 ▼ 0.12% RENT3 40.29 ▲ 0.22% AZZA3 18.79 ▼ 2.24% CSAN3 3.87 ▼ 0.77% RAIZ4 0.31 ▼ 6.06% PCAR3 2.46 ▼ 5.02% GMAT3 3.96 ▲ 0.51% PSSA3 54.15 ▲ 0.20% CVCB3 1.37 ▲ 9.60% POSI3 3.94 ▼ 1.25% SLCE3 13.68 ▼ 1.37% NATU3 8.51 ▼ 1.05% BRKM5 6.65 ▼ 4.18% RANI3 8.02 ▲ 0.88% CSNA3 5.14 ▼ 1.91% CMIN3 5.09 ▼ 6.61% USIM5 8.27 ▼ 1.31% GGBR4 23.18 ▲ 1.58% ENEV3 26.84 ▼ 0.15% CPFE3 47.14 ▲ 0.64% CMIG4 11.12 ▲ 0.45% EQTL3 40.95 ▲ 1.84% LREN3 14.15 — 0.00% VIVT3 35.50 ▲ 2.22% RAIL3 14.11 — 0.00% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.41 ▲ 1.15% RDOR3 35.81 ▲ 0.70% HAPV3 10.67 ▲ 2.01% FLRY3 16.38 ▲ 1.42% SMTO3 16.16 ▼ 1.28% UGPA3 29.82 ▼ 3.59% VBBR3 32.96 ▲ 0.61% BBSE3 40.30 ▲ 0.05% BPAC11 57.68 ▲ 0.28% CURY3 32.78 ▼ 1.03% AERI3 2.08 — 0.00% VIVARA 23.30 ▲ 0.82% COMPASS 25.28 ▲ 2.06% VAMOS 3.05 ▲ 0.99% SANB11 27.28 ▼ 0.33% ASAI3 8.66 ▼ 0.57% SBSP3 30.33 ▼ 0.13% WALMEX 49.52 ▼ 0.26% GMEXICO 200.64 ▲ 2.58% FEMSA 233.41 ▲ 3.57% CEMEX 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PCAR3 2.46 ▼ 5.02% GMAT3 3.96 ▲ 0.51% PSSA3 54.15 ▲ 0.20% CVCB3 1.37 ▲ 9.60% POSI3 3.94 ▼ 1.25% SLCE3 13.68 ▼ 1.37% NATU3 8.51 ▼ 1.05% BRKM5 6.65 ▼ 4.18% RANI3 8.02 ▲ 0.88% CSNA3 5.14 ▼ 1.91% CMIN3 5.09 ▼ 6.61% USIM5 8.27 ▼ 1.31% GGBR4 23.18 ▲ 1.58% ENEV3 26.84 ▼ 0.15% CPFE3 47.14 ▲ 0.64% CMIG4 11.12 ▲ 0.45% EQTL3 40.95 ▲ 1.84% LREN3 14.15 — 0.00% VIVT3 35.50 ▲ 2.22% RAIL3 14.11 — 0.00% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.41 ▲ 1.15% RDOR3 35.81 ▲ 0.70% HAPV3 10.67 ▲ 2.01% FLRY3 16.38 ▲ 1.42% SMTO3 16.16 ▼ 1.28% UGPA3 29.82 ▼ 3.59% VBBR3 32.96 ▲ 0.61% BBSE3 40.30 ▲ 0.05% BPAC11 57.68 ▲ 0.28% CURY3 32.78 ▼ 1.03% AERI3 2.08 — 0.00% VIVARA 23.30 ▲ 0.82% COMPASS 25.28 ▲ 2.06% VAMOS 3.05 ▲ 0.99% SANB11 27.28 ▼ 0.33% ASAI3 8.66 ▼ 0.57% SBSP3 30.33 ▼ 0.13% WALMEX 49.52 ▼ 0.26% GMEXICO 200.64 ▲ 2.58% FEMSA 233.41 ▲ 3.57% CEMEX 22.12 ▲ 1.56% GFNORTE 187.05 ▲ 2.74% BIMBO 56.72 ▲ 1.52% TELEVISA 9.53 ▼ 0.83% AMX 22.90 ▲ 1.37% GAP 389.77 ▼ 4.51% ASUR 277.66 ▼ 0.36% OMA 234.88 ▲ 0.67% KOF 181.16 ▼ 0.29% GRUMA 281.18 ▼ 0.07% KIMBER 38.42 ▲ 0.52% SQM-B 67,402 ▲ 0.28% COPEC 6,075 ▲ 0.29% BSANTANDER 78.47 ▲ 0.35% FALABELLA 5,904 ▼ 0.01% ENELAM 84.95 ▲ 0.89% CENCOSUD 2,044 ▲ 0.20% CMPC 1,080 ▲ 0.19% BANCO CHILE 187.75 ▲ 1.49% LATAM AIR 24.84 ▼ 0.24% YPF 77,075 ▼ 0.13% GGAL 7,975 ▼ 1.30% PAMPA 5,200 ▼ 0.48% TXAR 661.00 ▼ 0.53% ALUAR 950.00 ▼ 1.50% TGS 9,660 ▲ 0.94% CEPU 2,324 ▲ 0.22% MIRGOR 16,750 ▼ 1.47% COME 45.18 ▲ 0.89% LOMA NEGRA 3,530 ▲ 0.93% BYMA 302.00 ▼ 2.03% TELECOM ARG 4,288 ▲ 0.88% ECOPETROL 16.04 ▲ 0.98% BANCOLOMBIA 81.40 ▲ 1.22% GRUPO AVAL 4.91 — 0.00% CREDICORP 390.23 ▲ 0.26% SOUTHERN COPPER 180.47 ▲ 3.40% BUENAVENTURA 30.79 ▲ 3.25% MERCADOLIBRE 1,858 ▼ 0.51% NUBANK 13.87 ▲ 1.43% XP 16.72 ▲ 2.11% PAGSEGURO 9.17 ▼ 1.24% STONE 11.12 ▼ 0.27% GLOBANT 31.47 ▼ 2.04% TECNOGLASS 43.65 ▲ 1.89% GAP AIRPORT 223.50 ▼ 3.98% ASUR 277.66 ▼ 0.36% OMA AIRPORT 107.55 ▲ 1.34% AMX ADR 26.19 ▲ 0.61% FEMSA ADR 133.78 ▲ 3.70% CEMEX ADR 12.73 ▲ 2.25% PETROBRAS ADR 17.89 ▲ 0.05% VALE ADR 14.58 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Brazil Life & Society

Following Germany, Norway Also Suspends Payment to Brazil’s Amazon Fund

By · August 15, 2019 · 3 min read

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RIO DE JANEIRO, BRAZIL – Norway’s climate and environment minister, Ola Elvestuen, announced Thursday the suspension of the transfer of 300 million Norwegian kroner, the equivalent of R$133 million, which would be allocated to the Amazon Fund.

According to Norwegian newspaper “Dagens Næringsliv” (DV), specialized in business news, the government was dissatisfied with the new configuration of the Fund’s committees, now being discussed in Brasília.

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Norway also disagrees with the Bolsonaro Administration's approach. Environment Minister Ola Elvestuen has therefore already pulled the power plug.
Norway also disagrees with the Bolsonaro administration’s approach. Environment Minister Ola Elvestuen has therefore pulled the plug and suspended payments. (Photo internet reproduction)
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Norway and Germany have already declared themselves against the changes.

Created in 2008, the Amazon Fund has received R$3.3 billion (US$825 million) in donations to date, 93 percent of which (R$3.18 billion) came from Norway. The volume of transfers is tied to the rate of deforestation — the higher the advance, the lower the funds obtained.

“Brazil broke the agreement with Norway and Germany since the closing of the board of directors of the Amazon Fund and the Technical Committee. They can’t do this without an agreement with Norway and Germany,” Elvestuen told DV.

The minister indicated that, in recent months, the rates of the devastation of the Amazon have multiplied in relation to the same period of the previous year. According to him, this would show that the Brazilian government “no longer wants to stop” deforestation.

The scientific community, according to Elvestuen, is worried that deforestation will take the biome to a “turning point” — the devastation would be so great that it would affect the formation of rains, causing the destruction of the entire forest.

“This is very serious for the entire climate struggle. Amazonia is the lungs of the world, and we all depend entirely on protecting the rainforest. There are no scenarios for achieving climate targets without the Amazon,” warned Elvestuen.

According to the Intergovernmental Panel on Climate Change, 11 percent of annual greenhouse gas emissions are caused by the deforestation of tropical forests.

Since the beginning of the Bolsonaro administration, Environment Minister Ricardo Salles has criticized the allocation of resources from the Amazon Fund and the alleged “inconsistencies” of its management by the Brazilian Development Bank (BNDES).

According to Salles, the fund had become a mechanism for mere distribution of funds, without mechanisms for evaluating results, which would have put at risk the objectives set for its own constitution.

According to the Intergovernmental Panel on Climate Change, 11 percent of annual greenhouse gas emissions are caused by the deforestation of tropical forests.
According to the Intergovernmental Panel on Climate Change, 11 percent of annual greenhouse gas emissions are caused by the deforestation of tropical forests. (Photo internet reproduction)

The development bank removed the head of the Environment Department, Daniela Baccas, responsible for administering the donations from the Amazon Fund. However, the Office of the Comptroller General and the governments of Germany and Norway did not support her criticism of Salles.

Globo has contacted the Brazilian Ministry of the Environment and the Norwegian Embassy but has yet to receive a response.

Germany had already announced the cutting of transfers to Brazil but restricted to forest preservation projects that were not linked to the Amazon Fund. The Brazilian government reacted by saying it did not need the money from the European country.

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