The European Union on Friday threw its weight behind a plan to protect the Amazon rainforest, pledging to coordinate financial contributions from EU members and making sure the money was spent as intended under its Global Gateway investment scheme.
Team Europe, which includes EU members states and institutions such as the European Investment Bank, will coordinate 260 million euros already pledged by Spain, Italy, Sweden, France, Germany and the Netherlands to curb deforestation in the Amazon.
Under the Global Gateway project, the EU pledged in July to invest 45 billion euros in Latin America by 2027 and the scheme will be discussed in more detail on Friday among EU and Latin American finance ministers in Santiago de Compostela, Spain. In the past, the Commission has been criticised for pledging large amounts of investment to developing regions without any mechanisms to verify that the money was actually disbursed.
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