LatinNews Daily - 11 March 2024

*Brazil’s foreign ministry has announced that the government of Germany has proposed more funding for projects aimed at reducing carbon emissions and protecting Brazilian ecosystems. Funds will be drawn from the international climate initiative (IKI), a financing mechanism run by Germany’s ministry of economic affairs and climate action (BMWK); ministry of environment, nature conservation, nuclear safety, and consumer protection (BMUV); and foreign office (AA). The IKI investments are expected to total €65m (US$71m) and will focus on three areas: decarbonisation of emissions-intensive industrial sectors (€25m), tackling deforestation in Brazil’s non-Amazon biomes (€30m), and improving the climate resilience of Brazilian cities (€10m). The authorities overseeing the IKI are due to review which projects will receive the funding. Their decisions are expected to be confirmed in the second half of 2024.