Canada has announced a $540 million investment in a rainforest protection initiative co-led by Brazil and Norway, as Prime Minister Mark Carney strengthens international trade and climate partnerships.
Carney unveiled the funding during a meeting with Brazilian President Luiz Inacio Lula da Silva on the sidelines of the ASEAN summit in Manila on Sunday.
The investment forms part of Canada’s previously announced $6 billion commitment to international climate financing.
The initiative aims to attract public and private investment to protect tropical rainforests, preserve biodiversity and support communities that depend on forest ecosystems.
Speaking through an interpreter, Lula described the funding as an investment expected to generate financial returns rather than “donations, money for free.”
Carney also signalled plans for further economic discussions with Brazil, a member of the Mercosur trade bloc with which Canada is negotiating a trade agreement.
His visit to the Philippines also included the announcement that Canada had concluded free-trade negotiations with Manila.
Trade Minister Maninder Sidhu said Canada was seeking greater access to Southeast Asian markets, describing the region as a rapidly growing economy with approximately 700 million consumers.
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