Protecting the Amazon is vital to the global fight against rising temperatures. As the first Black woman to lead Latin America’s second-largest bank in more than two centuries, I firmly believe in the vital role of financial institutions in the transition to a low-carbon economy. To combat deforestation, we must create sustainable economic opportunities for Amazon residents.
As leaders gather in New York for the 78th session of the United Nations General Assembly, we have an important opportunity to come together and take stock of the strategies being adopted by governments, investors and companies. We must stop Amazon from reaching the point of no return.scientists warn 26% of the Amazon Basin It has experienced severe degradation, making forest restoration a huge challenge.
To reverse this alarming trend, varying degrees of degradation of pasture must be restored so that agricultural activity does not develop at the expense of the rainforest. Over the next decade, investments will nearly double our nation’s farmland from 128 million acres to more than 222 million acres.
Today, renewable energy accounts for 83% of Brazil’s electricity matrix.The country’s ability to generate carbon credits is expected to generate approx. Reaching 577 billion reais by 2030. We have been at the forefront of the global movement to decarbonise, with big companies playing a key role in accelerating progress.
The organization I lead has one of the richest sustainable portfolios in the world. My trip to New York was for discussions with outside investors and multilateral organizations. The aim is to build coalitions and secure funding for environmental protection. Leveraging progress in ongoing operations and negotiations, I plan to work with global development banks to secure more than 23 billion reais (approximately US$5 billion) for the Brazilian market in the first half of 2024. The funds will support measures related to climate finance, renewable energy, energy efficiency and environmental restoration.
As a financial institution based in Brazil, we aim to set an example of environmental responsibility in all biomes, especially in the Amazon. Our unwavering commitment is not only to protect forests and rivers, but also to improve the quality of life of local residents.
The world’s largest rainforest spans eight South American countries, including Bolivia, Guyana, Suriname, Colombia, Ecuador, Peru and Venezuela. In August, Brazil hosted a conference aimed at strengthening regional cooperation among Amazonian countries.
We are not alone. At the Amazon Summit, we joined the Green Alliance, a collective effort by several Brazilian banks to find financial solutions that support inclusive and sustainable productive activities.
In addition to the considerable discussion surrounding credit and investment negotiations in capital markets, we also need an economy that is both compassionate and inclusive. To this end, we proudly support the Brazilian Global Compact Network’s three major human rights campaigns, focusing on gender equality, Black and Indigenous inclusion, and fair wages.
As we address Amazon’s challenges, we must remain committed to social development. Banks must seek to reconcile financial returns to shareholders with social and environmental progress to reduce inequality.
Tarciana Medeiros is the CEO of Banco do Brasil, a Brazilian state-owned bank. Medeiros is the first female president of Banco do Brasil (BB), Brazil’s oldest bank and Latin America’s second-largest bank.
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