International

Brazil firms, NGOs urge Biden to create forest fund

AFP

Hundreds of Brazilian companies and environmental groups urged President Joe Biden to make good on US climate pledges as lawmakers in Washington prepared to debate a measure Thursday on launching a $9 billion anti-deforestation fund.

The AMAZON21 bill, aimed at helping developing countries protect their forests, “would represent an important expression of commitment by President Biden and the US Congress regarding the fight against climate change by targeting one of the main sources of greenhouse gas emissions,” the Brazilians wrote in a letter to Biden and congressional leaders.

The US House Foreign Affairs Committee will hold hearings Thursday on the legislation, introduced after Biden promised at the UN climate summit in Glasgow last November to provide that amount to fund projects that fight deforestation.

Home to around 60 percent of the Amazon rainforest, Brazil is a key player in the battle to stop the advancing destruction of the world’s forests, which is accelerating global warming by turning them from carbon absorbers to carbon sources.

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The letter, dated Tuesday, highlighted recent studies finding that more than three-quarters of the Amazon has been losing its resilience since the start of this century, and that the world’s biggest rainforest is approaching a “tipping point.”

The document was signed by a broad-based list of 23 coalitions representing more than 300 companies and organizations, ranging from agribusiness firms that are themselves accused of fueling deforestation — top beef exporter JBS and soy exporter Cargill, for example — to environmental and indigenous-rights groups.

Brazil’s government has long argued wealthy nations should contribute financing for developing countries to protect their forests, to offset the revenue lost by not developing the land.

The letter was addressed to Biden, Secretary of State Antony Blinken, House Speaker Nancy Pelosi and other top-ranking members of Congress.

To be effective, it said, the bill needs to establish a “simple and transparent financing system.”

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It should also lay out “clear rules” for funding projects that bring in government, the private sector, universities and organizations; allocate resources based on results; and prioritize funds for indigenous peoples and others who live in and protect forests.

International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.