The initiative, in collaboration with Brazilian state-controlled lender Banco do Brasil, adopts an approach to lending linked to sustainability to help Brazil meet its climate goals and deliver "robust" mitigation benefits, a bank statement said.
"Up to 90 million tCO2e in emission reductions are expected by 2030, the equivalent to about 4.5% of what Brazil needs to stay on track with its net-zero commitments," the World Bank said. The project adopts an "innovative, outcome-based financing approach" that encourages firms to adopt and implement credible GHG emission reduction plans to reduce their company-wide carbon footprint, as well as linking these firms to high quality carbon markets, the World Bank said.
Give us the money. Who cares about a few trees?