Strategists at a UK bank have proposed the idea of a super-sized $10 billion Brazilian government bond that would be specifically designed to help halt the destruction of the Amazon rainforest.
Stopping deforestation of the Amazon, which absorbs vast amounts of planet-warming greenhouse gas, is part of Brazilian President-elect Luiz Inacio Lula da Silva'sHe has recently asked the United States, Britain, France, Switzerland and Canada to join an international Amazon protection fund set up during his first 2003-10 administration and has made a firm commitment to zero deforestation by 2030.
A $10 billion bond would be a record for the nascent sustainability-linked debt markets, one of the biggest emerging market sovereign bonds ever sold and four times bigger than any of Brazil's current bonds. For example, if the baseline was to reduce deforestation to 12,250 km2 but the actual loss was 13,250 km2, the government would be have to increase the bond's 2024 coupon payment by 100 bps.
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