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Fund

Fundo Amazônia (Amazon Fund)

Problem
To finance, with donations for non-reimbursable investments, actions to prevent, monitor and combat deforestation and to conserve and sustainably use forests, in the Amazon biome in the original wording and, since 2016, in the Legal Amazon. According to the midterm evaluation coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean), the fund was announced at COP 13, in 2007, after a cooperation agreement between Brazil and Norway.
Who it serves
Projects and actions in the Legal Amazon; up to 20% of the resources may go to deforestation monitoring and control systems in other Brazilian biomes and in other tropical countries. According to the 2025 Activity Report, the supported actions reached rural properties registered in the CAR, conservation units and Indigenous lands in the Amazon.
How it works
Decree No. 6,527/2008 authorized the BNDES to establish and manage the fund, which sets aside 3% of donations for operating costs, and created the COFA, with the Federal Government, the states of the Legal Amazon and civil society. According to the Fundo Amazônia, the BNDES raises the resources and contracts and monitors the projects; according to its 2025 Activity Report, Inpe calculates the deforestation rates, the Ministry of the Environment calculates the avoided emissions, the CTFA certifies them, and the annual fundraising limit is based on the reduction of emissions from deforestation. According to the fund, donations began with Norway, in 2009, and by the end of 2025 came from ten donors, among governments and Petrobras. In 2019, Decree 9,759 abolished collegiate bodies, among them the COFA and the CTFA, according to the evaluation coordinated by Cepal, and the fund's report records no approved operations from 2019 to 2022; according to the STF, in ADO 59 the court ordered the Union to reactivate the fund. Decree 11,368/2023 changed the governance, and the 2023 report says that it reestablished the COFA.

EnvironmentInternational relations

Relation to the Lula governments

Created under Lula · Second term (2007 to 2010) · from August 2008 to 2010

Decree No. 6,527 of August 1, 2008 authorized the BNDES to take the necessary steps to establish and manage the Fundo Amazônia, intended to raise donations for non-reimbursable investments in actions to prevent, monitor and combat deforestation and to promote the conservation and sustainable use of forests in the Amazon biome (original wording).[1]

Decree No. 6,527/2008 was signed in Brasília, on August 1, 2008, by Luiz Inácio Lula da Silva, Miguel Jorge and Carlos Minc, and published in the DOU of August 4, 2008.[2]

In the original wording of Decree No. 6,527/2008, the Fundo Amazônia Steering Committee (COFA) brought together representatives of the Federal Government, of the state governments of the Legal Amazon with a state plan for preventing and combating deforestation, and of civil society, with decisions approved by consensus among the segments; the compiled text records the revocation of art. 4 by Decree No. 10,223 of 2020, with a reference to ADPF 651.[3]

According to the midterm effectiveness evaluation report of the Fundo Amazônia (2008 to 2018), coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean), the experience with the PPG7 funds, implemented by multilateral institutions, led the Brazilian Government to decide to implement a new fund through a national institution, and the formal designation of the BNDES as manager took place through Decree No. 6,527 of August 1, 2008.[4]

Shared implementation · Second term (2007 to 2010) · from 2009 to 2010

According to the Fundo Amazônia, the BNDES entered on March 25, 2009 into the first donation contract with the Ministry of Foreign Affairs of Norway, with a commitment of up to 700 million Norwegian kroner, to which five amendments in value were added; the first Norwegian donation, of NOK 123,437,000.00 (R$36,448,350.22), is dated October 9, 2009.[5]

According to the Fundo Amazônia, the BNDES entered on December 7, 2010 into the first donation contract with the Government of Germany, through the KfW; as of the consultation, three contracts had been entered into for a total value of EUR 89,920,000.00 (R$387,859,396.00).[6]

In the series in the 2025 Activity Report (nominal values), the Fundo Amazônia approved 5 operations in 2009 (R$70,190,858.67) and 7 in 2010 (R$101,825,867.97), with a net disbursement of R$11,105,966.90 in 2010.[7]

Resumed under Lula · Third term (since 2023) · since January 2023

Decree No. 11,368 of January 1, 2023, signed by Luiz Inácio Lula da Silva, Marina Silva and Fernando Haddad and published in the DOU of January 2, 2023 (extra edition), amended Decree No. 6,527/2008 to provide for the governance of the Fundo Amazônia, including provisions on certificates for donors, the CTFA, the COFA and the COFA's approval of the fund's annual report.[8]

According to the 2023 Activity Report, between 2019 and 2022, because of the dissolution of the governance and the discontinuation of the PPCDAm, the analysis and contracting of new projects were halted and donations were paralyzed; on January 1, 2023, Decree 11,368 reestablished the COFA and Decree 11,367 reestablished the PPCDAm, which, according to the report, allowed activities to resume after a four-year hiatus.[9]

According to the 2025 Activity Report, the CTFA, composed of six specialists appointed by the Ministry of the Environment and Climate Change after consulting the Brazilian Forum on Climate Change, was recreated by Decree 11,368 of January 1, 2023, after its dissolution in 2019.[10]

In the list of COFA meetings published by the Fundo Amazônia, the 25th meeting took place on November 9, 2018 and the 26th on February 15, 2023, with no meetings recorded between those dates; for the CTFA, the 11th meeting was on October 9, 2018 and the 12th on April 16, 2024.[11]

Reshaped under Lula · Third term (since 2023) · since January 2023

Under art. 4-A added by Decree No. 11,368/2023, the COFA has representatives of the Federal Government (among them the Ministry of Indigenous Peoples, the Ministry of Justice and Public Security and the BNDES), of the governments of the states of the Legal Amazon with a state plan for preventing and combating deforestation, and of six civil society organizations, and is chaired by the representative of the Ministry of the Environment and Climate Change, with decisions by consensus.[12]

According to the 2023 Activity Report, in 2023 the BNDES Environment Area was recreated, with a department dedicated to the management and operation of the Fundo Amazônia, resuming the organizational structure that, according to the report, had been weakened and dismantled starting in 2016.[13]

Expanded under Lula · Third term (since 2023) · since 2023

According to the 2025 Activity Report, fundraising resumed in 2023 with new donation contracts with Switzerland, the USA and the United Kingdom; in 2024 contracts were signed with Japan and Denmark; and in 2025 with Ireland and the European Union.[14]

According to the 2025 Activity Report, between 2023 and 2025 R$2 billion in donation contracts were signed, of which R$1.6 billion has already been internalized; the donations internalized in 2025 totaled R$448.5 million, with participation from Norway, Denmark, Ireland, the European Union and Switzerland.[15]

In the annual table of approved operations and disbursements in the 2025 Activity Report (nominal values), the Fundo Amazônia approved 9 operations in 2023 (R$552,807,169.88), 13 in 2024 (R$932,353,661.87) and 22 in 2025 (R$2,186,487,385.90), with net disbursements of R$48,088,185.51, R$203,591,808.67 and R$387,327,420.70, respectively.[16]

According to the Portfolio Report of September 30, 2026, the Fundo Amazônia had 155 contracted projects, a total contracted value of R$5,845 million and a total disbursed value of R$2,897 million; of the 155 projects, 82 were completed and 73 were ongoing, and there were 4 approved projects awaiting contracting, worth R$256 million.[17]

Origin and precursors

Origin milestone: founding legal act, Second term (2007 to 2010).

Decree No. 6,527 of August 1, 2008 authorized the BNDES to take the necessary steps to establish and manage the Fundo Amazônia, intended to raise donations for non-reimbursable investments in actions to prevent, monitor and combat deforestation and to promote the conservation and sustainable use of forests in the Amazon biome (original wording).[1]

Precursors

  • Brazilian proposal "Avoided Deforestation" (COP 12, Nairobi) and Bali Action Plan (COP 13, 2007), basis of the negotiations on REDD+ earlier technical basis According to the midterm evaluation coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean), the Brazilian Government presented its "Avoided Deforestation" proposal at COP 12 (Nairobi), and the Bali Action Plan (COP 13, 2007) recognized the proposal as an option for mitigating climate change, establishing the basis for the REDD+ negotiations.[18]
  • Action Plan for the Prevention and Control of Deforestation in the Legal Amazon (PPCDAm), whose guidelines the supported actions must observe earlier technical basis In the original wording of Decree No. 6,527/2008, the supported actions must observe the guidelines of the Sustainable Amazon Plan (PAS) and the Plan for the Prevention and Control of Deforestation in the Legal Amazon (PPCDAM); under the wording given by Decree No. 8,773 of 2016, they must observe the guidelines of the PPCDAM, except as provided in § 1 and in the ENREDD+.[19]

Precursor investigation: new structure established (October 14, 2026).

Scope: Decree 6,527/2008 (compiled text from the Planalto in the Internet Archive, with wordings of 2008, 2016, and 2023); annual reports of the Amazon Fund for 2010, 2018, 2022, 2023, and 2025 (BNDES); mid-term evaluation of effectiveness 2008 to 2018 (coordinated by Cepal, 2019), with the history of the REDD+ negotiations (COP 11 to COP 13), of the PPG7, and of the choice of the BNDES as manager; page of donations and contracts by donor.

Responsibilities

  • National Bank for Economic and Social Development (BNDES), manager of the fund (fundraising, analysis, approval, contracting, disbursement, and monitoring) federal management

    According to the Fundo Amazônia website, the fund is managed by the BNDES, which is also responsible for raising resources and for contracting and monitoring the supported projects and actions.[20]

  • Ministry of the Environment (since 2023, Ministry of the Environment and Climate Change), calculation of avoided emissions and chair of the COFA design

    In the governance figure of the 2025 Activity Report, Inpe (MCTI) calculates the deforestation rates, the Ministry of the Environment and Climate Change calculates the avoided emissions, the CTFA certifies the avoided emissions, the COFA sets guidelines and criteria for the application of resources, and independent auditors conduct financial and compliance audits.[21]

  • National Institute for Space Research (Inpe/MCTI), calculation of deforestation rates partnership

    In the governance figure of the 2025 Activity Report, Inpe (MCTI) calculates the deforestation rates, the Ministry of the Environment and Climate Change calculates the avoided emissions, the CTFA certifies the avoided emissions, the COFA sets guidelines and criteria for the application of resources, and independent auditors conduct financial and compliance audits.[21]

  • Amazon Fund Technical Committee (CTFA), experts who attest the avoided emissions oversight

    According to the 2025 Activity Report, the CTFA, composed of six specialists appointed by the Ministry of the Environment and Climate Change after consulting the Brazilian Forum on Climate Change, was recreated by Decree 11,368 of January 1, 2023, after its dissolution in 2019.[10]

  • Amazon Fund Guiding Committee (COFA), tripartite (Federal Government, state governments of the Legal Amazon, and civil society) social participation

    Under Decree No. 11,368/2023, civil society is represented on the COFA by FBOMS, COIAB, CNI, the National Forum of Forest-Based Activities, CONTAG and SBPC, and the Fundo Amazônia describes the committee as tripartite, made up of the federal government, state governments and civil society.[22]

  • Donor governments (Norway, Germany via KfW, United Kingdom, United States, Denmark, Switzerland, Ireland, European Union, Japan) and Petrobras funding

    According to the 2025 Activity Report, the total donations internalized by the Fundo Amazônia by the end of 2025 was R$4,984,802,422.71 (US$1,575,971,774.76), in nominal values on the internalization dates, coming from ten donors: Norway, Germany, the United States, the United Kingdom, Denmark, Petrobras, Switzerland, Ireland, the European Union and Japan.[23]

  • Federal Court of Accounts (Ruling 2147/2018-Plenary) oversight

    In Ruling 2147/2018 of the TCU Plenary (session of September 12, 2018), in an audit of the Fundo Amazônia requested by the Funai-Incra 2 Parliamentary Inquiry Committee (CPI) of the Chamber of Deputies, the summary records that the findings point to a satisfactory execution of the program, with determinations, recommendations and notice to the BNDES, and the report concludes that the resources are being used appropriately.[24]

  • Supreme Federal Court (ADO 59, 2022) oversight

    According to an STF text reproduced by Lex Editora on November 4, 2022, the plenary of the Supreme Federal Court concluded the judgment of ADO 59, filed by the PSB, and ordered the Union to adopt, within 60 days, the administrative measures necessary to reactivate the Fundo Amazônia, assessing that the unilateral abolition of committees since 2019, without the creation of another body, prevented the financing of new projects and amounted to an omission; Justice Nunes Marques was the dissenting vote.[25]

Timeline

Timeline of Fundo Amazônia (Amazon Fund)
DatePhaseWhat happened
2007AnnouncementAccording to the midterm evaluation, the Fundo Amazônia is announced at COP 13, in Bali, after a cooperation agreement between Brazil and Norway.[26]
August 1, 2008Legal actDecree 6,527/2008 authorizes the BNDES to establish and manage the Fundo Amazônia, with the CTFA and the COFA.[1]
March 25, 2009ContractingFirst donation contract with Norway (up to 700 million Norwegian kroner).[5]
December 7, 2010ContractingFirst donation contract with the Government of Germany, through the KfW.[6]
October 14, 2011ContractingFirst donation contract with Petrobras.[27]
2016Legal actDecree 8,773/2016 begins to refer the fund to the Legal Amazon and ties the actions to the PPCDAM and the ENREDD+.[28]
June 28, 2019TerminationDate for the abolition of collegiate bodies set by Decree 9,759/2019; according to the BNDES and the midterm evaluation, the COFA and the CTFA were abolished by that decree.[29]
2019InterruptionDonors order the suspension of support for new projects; no new project is approved from 2019 to 2022, with disbursements maintained for projects contracted earlier.[30]
January 1, 2023RelaunchDecree 11,368/2023 reestablishes the governance of the Fundo Amazônia (certificates, CTFA and COFA).[8]
February 15, 2023Implementation26th COFA meeting, the first since November 9, 2018.[11]
2025Implementation22 operations approved in the year (R$2,186,487,385.90, nominal), according to the 2025 report.[16]
September 30, 2026ImplementationPortfolio report records 155 contracted projects, R$5,845 million contracted and R$2,897 million disbursed.[17]

How it works

Under Decree No. 6,527/2008, up to twenty percent of the resources of the Fundo Amazônia may be used to develop deforestation monitoring and control systems in other Brazilian biomes and in other tropical countries.[31]

Decree No. 6,527/2008 requires the BNDES to set aside the amount equivalent to three percent of the value of the donations to cover its operating costs and the expenses related to the Fundo Amazônia, including those of the CTFA, the COFA and the contracting of an audit (wording given by Decree No. 6,565 of 2008).[32]

Implementation

The annual table of approved operations and disbursements in the Fundo Amazônia's 2025 Activity Report records no approved operations from 2019 to 2022 and records nominal net disbursements of R$108,871,691.31 (2019), R$131,908,347.12 (2020), R$117,490,671.19 (2021) and R$90,469,901.33 (2022).[33]

According to the 2025 Activity Report, in 2025 the Fundo Amazônia completed eight projects, bringing the total to 82 completed projects, and at the end of 2025 the portfolio had 144 contracted projects.[34]

Budget and spending

Figures are nominal unless stated otherwise. Announced, authorized, committed, liquidated and paid amounts are different things and appear with the type indicated. In SIOP lines, "paid" means paid within the same fiscal year (arrears settled later are not counted), and one budget action can fund more than one program: the text says when the action is only part of a program.

According to the Fundo Amazônia, on September 17, 2013 the BNDES and the government of Norway signed a new contract consolidating the earlier contract and amendments and extending the cooperation until December 2021; the full transfer of the resources was made possible by the exemption from PIS/Pasep and COFINS on the donations (Law No. 12,810 of May 15, 2013).[35]

On the Fundo Amazônia donations page, with data updated through May 30, 2026, the total internalized donations were R$5,255,868,746.98 in nominal values, of which R$3,804,376,093.74 from Norway, R$555,026,894.76 from the United Kingdom, R$387,859,396.00 from Germany and R$291,382,003.20 from the United States.[36]

In the Fundo Amazônia table of contracted donations (data through May 30, 2026), DKK 50,000,000.00 from Denmark, EUR 13,950,000.00 from the European Union and CHF 3,500,000.00 from Switzerland remained to be internalized.[37]

Observed results

A result observed during a term may have causes other than the program.

According to the 2025 Activity Report, with data from December 2025, the actions supported by the Fundo Amazônia reached 1.4 million rural properties registered in the Rural Environmental Registry (CAR), 191 supported conservation units, 167 supported Indigenous lands in the Amazon and 640 scientific or informational publications produced.[38]

According to the 2025 Activity Report, the actions supported by the Fundo Amazônia reached, cumulatively through December 2025, 2,128 environmental enforcement missions, 288 thousand people benefited by sustainable productive activities, 326 strengthened environmental agencies (federal, state and municipal) and 38,004 forest fires or burnings fought by military fire departments.[39]

According to the midterm evaluation coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean) (period 2008 to 2018), the projects with the Fire Departments point to 23,630 forest fires or unauthorized burnings fought, and the fund supported projects in 65% of the area of Indigenous Lands and in 190 Conservation Units in the Amazon.[40]

Impact evaluations

Evaluations with a causal design are flagged; association is not proof of effect.

According to the midterm effectiveness evaluation of the Fundo Amazônia (2008 to 2018), coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean), there is clear evidence that the fund contributed to reducing deforestation, but estimating this contribution quantitatively is a major challenge; the authors conclude that the fund did not change the deforestation trends of recent years, but that without it deforestation would have been greater, and that its results depend to a great extent on the policies of the Federal Government, the states and the municipalities.[41]

Audits

According to the 2025 Activity Report, over 17 years 19 external evaluation studies of Fundo Amazônia projects were carried out, eight of individual projects and 11 thematic, totaling fifty completed projects externally evaluated; in 2025 the GIZ delivered to the BNDES a database with 593 recommendations and 210 lessons learned.[42]

According to the 2025 Activity Report, in addition to the external audits agreed with the donors, the Fundo Amazônia responds to audits and requests from oversight bodies such as the TCU and the CGU, and in 2025 it responded to 138 information requests from civil society.[43]

Limitations

In the vote of TCU Ruling 2147/2018, the rapporteur records that the audit team did not identify serious irregularities indicating damage, but considered it necessary to institute controls during the execution of projects and to evaluate the effectiveness of the projects implemented in the beneficiary communities; the ruling recommended that the BNDES evaluate including in the external audits the verification, even if by sampling, of the application of the resources disbursed to ongoing projects.[44]

The 2023 Activity Report records donation intentions announced by the United States of 497 million dollars; the Fundo Amazônia donations page records three contracts with the US Department of State, for a total of US$53,472,000.00 (R$291,382,003.20). An announced intention is not equivalent to a contracted or received donation.[45]

The 2025 Activity Report records as a challenge that the growth of the project portfolio intensifies the need to ensure an adequate pace of disbursements and of project execution on the ground, and that growing demand will require a continued fundraising effort.[46]

Context

According to the Fundo Amazônia's 2025 Activity Report, in 2007, in light of the reduction in Amazon deforestation that the report associates with the PPCDAm, Brazil presented at the 13th Conference of the Parties to the United Nations Framework Convention on Climate Change a climate financing instrument that became the Fundo Amazônia; on August 1, 2008, the BNDES was authorized by Decree 6,527 to create the fund.[47]

Methodology

According to the 2025 Activity Report, the Fundo Amazônia's annual fundraising limit is calculated by multiplying the reduction in emissions from deforestation, after a 15% contingency discount for possible future reversals, by the carbon-to-CO2 conversion factor and by US$5.00.[48]

The 2025 Activity Report presents disbursements in two ways: Table 4 in nominal values (net disbursement) and Chart 4 in R$ millions adjusted by the IPCA; for this reason, the series of annual disbursements in the executive summary (which includes the value 104.1) does not match the nominal values in the table (R$90,469,901.33 in 2022).[49]

Related indicators

A change in an indicator during a term does not, by itself, prove an effect of the program.

Sources and evidence

Excerpts are quoted in the original language of the source.

  1. 1. Decree No. 6,527 of August 1, 2008 authorized the BNDES to take the necessary steps to establish and manage the Fundo Amazônia, intended to raise donations for non-reimbursable investments in actions to prevent, monitor and combat deforestation and to promote the conservation and sustainable use of forests in the Amazon biome (original wording).

    • Decreto nº 6.527, de 1º de agosto de 2008 (texto compilado do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 12, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 1, caput (original wording, struck through in the compiled text). Accessed October 14, 2026.
      “Art. 1º Fica o Banco Nacional de Desenvolvimento Econômico e Social - BNDES autorizado a adotar as providências necessárias ao estabelecimento e gestão do Fundo Amazônia, destinado a captar doações para investimentos não reembolsáveis em ações de prevenção, monitoramento e combate ao desmatamento e de promoção da conservação e do uso sustentável das florestas no bioma amazônico, contemplando as seguintes áreas:”

  2. 2. Decree No. 6,527/2008 was signed in Brasília, on August 1, 2008, by Luiz Inácio Lula da Silva, Miguel Jorge and Carlos Minc, and published in the DOU of August 4, 2008.

    • Decreto nº 6.527, de 1º de agosto de 2008 (texto compilado do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 12, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: closing and signatures. Accessed October 14, 2026.
      “Brasília, 1º de agosto de 2008; 187º da Independência e 120º da República. LUIZ INÁCIO LULA DA SILVA Miguel Jorge Carlos Minc Este texto não substitui o publicado no DOU de 4.8.2008”

  3. 3. In the original wording of Decree No. 6,527/2008, the Fundo Amazônia Steering Committee (COFA) brought together representatives of the Federal Government, of the state governments of the Legal Amazon with a state plan for preventing and combating deforestation, and of civil society, with decisions approved by consensus among the segments; the compiled text records the revocation of art. 4 by Decree No. 10,223 of 2020, with a reference to ADPF 651.

    • Decreto nº 6.527, de 1º de agosto de 2008 (texto compilado do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 12, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 4, caput (original wording). Accessed October 14, 2026.
      “Art. 4º O Fundo Amazônia contará com um Comitê Orientador - COFA composto pelos seguintes segmentos, assim representados: (Revogado pelo Decreto nº 10.223, de 2020) (Vigência) (Vide ADPF 651) I - Governo Federal - um representante de cada um dos seguintes órgãos e entidades:”
    • Decreto nº 6.527, de 1º de agosto de 2008 (texto compilado do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 12, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 4, items II and III (original wording). Accessed October 14, 2026.
      “II - Governos estaduais - um representante de cada um dos governos dos Estados da Amazônia Legal que possuam plano estadual de prevenção e combate ao desmatamento; e (Revogado pelo Decreto nº 10.223, de 2020) (Vigência) III - sociedade civil - um representante de cada uma das seguintes organizações:”
    • Decreto nº 6.527, de 1º de agosto de 2008 (texto compilado do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 12, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 4, § 4 (original wording). Accessed October 14, 2026.
      “§ 4º As deliberações do COFA deverão ser aprovadas por consenso entre os segmentos definidos nos incisos I a III do caput .”

  4. 4. According to the midterm effectiveness evaluation report of the Fundo Amazônia (2008 to 2018), coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean), the experience with the PPG7 funds, implemented by multilateral institutions, led the Brazilian Government to decide to implement a new fund through a national institution, and the formal designation of the BNDES as manager took place through Decree No. 6,527 of August 1, 2008.

    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 52, section 1.1 (The BNDES). Accessed October 14, 2026.
      “Como já mencionado, a indicação formal do BNDES como entidade gestora do Fundo Amazônia se deu pelo Decreto nº 6.527 de 1º agosto de 2008, fruto de discussões realizadas nos anos anteriores sobre qual entidade brasileira seria apta para desempenhar esse papel.”
    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 52, section 1.1 (The BNDES). Accessed October 14, 2026.
      “A experiência com a implementação dos fundos do Programa Piloto para Proteção das Florestas Tropicais do Brasil (PPG7) nos anos anteriores, realizada através de instituições multilaterais levou o Governo Brasileiro a decidir pela implementação soberana de um novo fundo por meio de uma instituição nacional.”

  5. 5. According to the Fundo Amazônia, the BNDES entered on March 25, 2009 into the first donation contract with the Ministry of Foreign Affairs of Norway, with a commitment of up to 700 million Norwegian kroner, to which five amendments in value were added; the first Norwegian donation, of NOK 123,437,000.00 (R$36,448,350.22), is dated October 9, 2009.

    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: Contracts by donor, Government of Norway. Accessed October 14, 2026.
      “O BNDES celebrou, em 25 de março de 2009, o primeiro contrato de doação - Donation Agreement - com o Ministério das Relações Exteriores da Noruega, no qual foi estabelecido o compromisso de doação ao Fundo Amazônia, no valor de até 700 milhões de coroas norueguesas, ao qual foram agregados cinco aditivos de valor.”
    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: table of Norwegian donations (R$, US$, NOK, date), row 1st donation. Accessed October 14, 2026.
      “1a. doação 36.448.350,22 20.960.578,70 123.437.000,00 09.10.2009”

  6. 6. According to the Fundo Amazônia, the BNDES entered on December 7, 2010 into the first donation contract with the Government of Germany, through the KfW; as of the consultation, three contracts had been entered into for a total value of EUR 89,920,000.00 (R$387,859,396.00).

    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: Contracts by donor, Government of Germany. Accessed October 14, 2026.
      “O BNDES celebrou, em 07.12.2010, o primeiro contrato de doação com o Governo da Alemanha por intermédio do KfW (Banco de Desenvolvimento Alemão). Até o momento foram celebrados três contratos no valor total de EUR 89.920.000,00 (R$ 387.859.396,00).”

  7. 7. In the series in the 2025 Activity Report (nominal values), the Fundo Amazônia approved 5 operations in 2009 (R$70,190,858.67) and 7 in 2010 (R$101,825,867.97), with a net disbursement of R$11,105,966.90 in 2010.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 32, Table 4 (Number of operations approved, amount approved and disbursements by year, nominal values), rows 2009 and 2010. Accessed October 14, 2026.
      “2009 5 70.190.858,67 - 2010 7 101.825.867,97 11.105.966,90”

  8. 8. Decree No. 11,368 of January 1, 2023, signed by Luiz Inácio Lula da Silva, Marina Silva and Fernando Haddad and published in the DOU of January 2, 2023 (extra edition), amended Decree No. 6,527/2008 to provide for the governance of the Fundo Amazônia, including provisions on certificates for donors, the CTFA, the COFA and the COFA's approval of the fund's annual report.

    • Decreto nº 11.368, de 1º de janeiro de 2023 (texto do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 10, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: epigraph and summary. Accessed October 14, 2026.
      “DECRETO Nº 11.368, DE 1º DE JANEIRO DE 2023 Altera o Decreto nº 6.527, de 1º de agosto de 2008, para dispor sobre a governança do Fundo Amazônia.”
    • Decreto nº 11.368, de 1º de janeiro de 2023 (texto do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 10, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 1 (arts. 2-A, 3-A, 4-A, 5-A and 6-A added to Decree 6,527/2008). Accessed October 14, 2026.
      ““Art. 6º-A . O BNDES apresentará ao COFA, para sua aprovação, informações semestrais sobre a aplicação dos recursos e relatório anual do Fundo Amazônia.” Art. 2º Este Decreto entra em vigor na data de sua publicação. Brasília, 1º de janeiro de 2023; 202º da Independência e 135º da República. LUIZ INÁCIO LULA DA SILVA Maria Osmarina Marina Silva Vaz de Lima Fernando Haddad Este texto não substitui o publicado no DOU de 2.1.2023 - Edição extra”
    • Decreto nº 11.368, de 1º de janeiro de 2023 (texto do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 10, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 1, art. 2-A added. Accessed October 14, 2026.
      ““Art. 2º-A O BNDES procederá às captações de doações e emitirá diploma para reconhecer a contribuição dos doadores ao Fundo Amazônia.”

  9. 9. According to the 2023 Activity Report, between 2019 and 2022, because of the dissolution of the governance and the discontinuation of the PPCDAm, the analysis and contracting of new projects were halted and donations were paralyzed; on January 1, 2023, Decree 11,368 reestablished the COFA and Decree 11,367 reestablished the PPCDAm, which, according to the report, allowed activities to resume after a four-year hiatus.

    • Relatório de Atividades 2023, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 11, Introduction. Accessed October 14, 2026.
      “Entre 2019 e 2022, em razão da dissolução de sua estrutura de governança4 e da extinção e descontinuidade do Plano de Ação para a Prevenção e Controle do Desmatamento na Amazônia Legal (PPCDAm), política pública que referencia a atuação do fundo, a análise e a contratação de novos projetos no âmbito do Fundo Amazônia foram interrompidas, bem como foram paralisadas as doações de países parceiros para o fundo.”
    • Relatório de Atividades 2023, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 11, Introduction. Accessed October 14, 2026.
      “Com o início da nova gestão, em 1º de janeiro 2023, os primeiros atos do governo incluíram a promulgação do Decreto 11.368, que restabeleceu o Comitê Orientador do Fundo Amazônia (COFA), e do Decreto 11.367, que instituiu a Comissão Interministerial Permanente de Prevenção e Controle do Desmatamento e restabeleceu o PPCDAm. Os dois atos promulgados permitiram a retomada completa das atividades do Fundo Amazônia após um hiato de quatro anos.”

  10. 10. According to the 2025 Activity Report, the CTFA, composed of six specialists appointed by the Ministry of the Environment and Climate Change after consulting the Brazilian Forum on Climate Change, was recreated by Decree 11,368 of January 1, 2023, after its dissolution in 2019.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 18, Fundo Amazônia Technical Committee. Accessed October 14, 2026.
      “O Comitê Técnico do Fundo Amazônia (CTFA) é composto de seis especialistas – designados pelo Ministério do Meio Ambiente e Mudança do Clima (MMA) após consulta ao Fórum Brasileiro de Mudanças Climáticas – e tem a atribuição de atestar os cálculos das emissões de carbono oriundas de desmatamento feitos pelo referido ministério.”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 19. Accessed October 14, 2026.
      “Recriado pelo Decreto 11.368, de 1º de janeiro de 2023 – após sua dissolução em 2019 –, o CTFA realiza reuniões ordinárias uma vez ao ano.”

  11. 11. In the list of COFA meetings published by the Fundo Amazônia, the 25th meeting took place on November 9, 2018 and the 26th on February 15, 2023, with no meetings recorded between those dates; for the CTFA, the 11th meeting was on October 9, 2018 and the 12th on April 16, 2024.

    • COFA (Governança), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: COFA meetings. Accessed October 14, 2026.
      “RET da 25ª Reunião do COFA , 09.11.2018 RET da 26ª Reunião do COFA , 15.02.2023”
    • CTFA (Governança), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: CTFA meetings. Accessed October 14, 2026.
      “Ata da 11ª Reunião do CTFA , 09.10.2018 Nota Técnica do Ministério do Meio Ambiente relativa à 11ª Reunião do CTFA Ata da 12ª Reunião do CTFA , 16.04.2024”

  12. 12. Under art. 4-A added by Decree No. 11,368/2023, the COFA has representatives of the Federal Government (among them the Ministry of Indigenous Peoples, the Ministry of Justice and Public Security and the BNDES), of the governments of the states of the Legal Amazon with a state plan for preventing and combating deforestation, and of six civil society organizations, and is chaired by the representative of the Ministry of the Environment and Climate Change, with decisions by consensus.

    • Decreto nº 11.368, de 1º de janeiro de 2023 (texto do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 10, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 4-A, item I, subitems h to j. Accessed October 14, 2026.
      “h) Ministério dos Povos Indígenas; i) Ministério da Justiça e Segurança Pública; e j) Banco Nacional de Desenvolvimento Econômico e Social - BNDES;”
    • Decreto nº 11.368, de 1º de janeiro de 2023 (texto do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 10, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 4-A, items II and III. Accessed October 14, 2026.
      “II - dos Governos estaduais - um representante de cada governo dos Estados da Amazônia Legal que possuam plano estadual de prevenção e combate ao desmatamento; e III - da sociedade civil - um representante de cada uma das seguintes organizações:”
    • Decreto nº 11.368, de 1º de janeiro de 2023 (texto do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 10, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 4-A, §§ 4 and 5. Accessed October 14, 2026.
      “§ 4º O COFA será presidido pelo representante do Ministério do Meio Ambiente e Mudança do Clima. § 5º As deliberações do COFA deverão ser aprovadas por consenso entre os representantes definidos nos incisos I a III do caput .”
    • Decreto nº 11.368, de 1º de janeiro de 2023 (texto do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 10, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 4-A, item III, subitems e and f. Accessed October 14, 2026.
      “e) Confederação Nacional dos Trabalhadores na Agricultura - CONTAG; e f) Sociedade Brasileira para o Progresso da Ciência - SBPC.”

  13. 13. According to the 2023 Activity Report, in 2023 the BNDES Environment Area was recreated, with a department dedicated to the management and operation of the Fundo Amazônia, resuming the organizational structure that, according to the report, had been weakened and dismantled starting in 2016.

    • Relatório de Atividades 2023, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 13, The Fundo Amazônia at the BNDES. Accessed October 14, 2026.
      “Em 2023, como parte do processo de reconstrução do Fundo Amazônia e de ampliação do compromisso do BNDES com a agenda socioambiental, foi recriada a Área de Meio Ambiente do Banco, com a existência de um departamento plenamente dedicado à gestão e à operação do Fundo Amazônia, retomando a estrutura organizacional que havia sido enfraquecida e desmontada a partir de 2016.”

  14. 14. According to the 2025 Activity Report, fundraising resumed in 2023 with new donation contracts with Switzerland, the USA and the United Kingdom; in 2024 contracts were signed with Japan and Denmark; and in 2025 with Ireland and the European Union.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 21, Formalized donations. Accessed October 14, 2026.
      “A retomada da captação de recursos para o Fundo Amazônia ocorreu em 2023, com novos contratos de doação firmados com Suíça, EUA e Reino Unido.”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 22. Accessed October 14, 2026.
      “Em 2024, a assinatura de contratos com dois novos doadores, Japão e Dinamarca, ampliou o número de países apoiadores e consolidou o processo de reativação do fundo, com internalização de recursos por Noruega, Alemanha, EUA, Reino Unido, Dinamarca e Japão. Em 2025, o Fundo Amazônia avançou na expansão e consolidação de sua base de doadores, com a assinatura de novos contratos com Irlanda e União Europeia.”

  15. 15. According to the 2025 Activity Report, between 2023 and 2025 R$2 billion in donation contracts were signed, of which R$1.6 billion has already been internalized; the donations internalized in 2025 totaled R$448.5 million, with participation from Norway, Denmark, Ireland, the European Union and Switzerland.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 15, Recent developments, challenges and prospects. Accessed October 14, 2026.
      “A partir de 2023, o fundo iniciou um processo de diversificação de doadores internacionais. Entre 2023 e 2025, foram firmados R$ 2 bilhões em contratos de doação, dos quais R$ 1,6 bilhão já foi internalizado.”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: p. 16 of the PDF. Accessed October 14, 2026.
      “As doações internalizadas em 2025 somaram R$ 448,5 milhões, com participação da Noruega, Dinamarca, Irlanda, União Europeia e Suíça.”

  16. 16. In the annual table of approved operations and disbursements in the 2025 Activity Report (nominal values), the Fundo Amazônia approved 9 operations in 2023 (R$552,807,169.88), 13 in 2024 (R$932,353,661.87) and 22 in 2025 (R$2,186,487,385.90), with net disbursements of R$48,088,185.51, R$203,591,808.67 and R$387,327,420.70, respectively.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 32, Table 4 (nominal values), rows 2023 to 2025. Accessed October 14, 2026.
      “2023 9 552.807.169,88 48.088.185,51 2024 13 932.353.661,87 203.591.808,67 2025 22 2.186.487.385,90 387.327.420,70”

  17. 17. According to the Portfolio Report of September 30, 2026, the Fundo Amazônia had 155 contracted projects, a total contracted value of R$5,845 million and a total disbursed value of R$2,897 million; of the 155 projects, 82 were completed and 73 were ongoing, and there were 4 approved projects awaiting contracting, worth R$256 million.

    • Informe de Carteira, Fundo Amazônia, 30 de setembro de 2026 · Brazilian Development Bank (BNDES), Amazon Fund Management Department Official record
      Where: p. 1. Accessed October 14, 2026.
      “155 Projetos contratados 5.845 Valor total contratado em R$ milhões 2.897 Valor total desembolsado em R$ milhões Informe de Carteira DEPARTAMENTO DE GESTÃO DO FUNDO AMAZÔNIA - ÁREA DE MEIO AMBIENTE 30 de setembro de 2026”
    • Informe de Carteira, Fundo Amazônia, 30 de setembro de 2026 · Brazilian Development Bank (BNDES), Amazon Fund Management Department Official record
      Where: p. 2. Accessed October 14, 2026.
      “Dos 155 projetos contratados: 82 estão concluídos e 73 em andamento Existem 4 projetos aprovados, aguardando a contratação, no valor de R$ 256 milhões”

  18. 18. According to the midterm evaluation coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean), the Brazilian Government presented its "Avoided Deforestation" proposal at COP 12 (Nairobi), and the Bali Action Plan (COP 13, 2007) recognized the proposal as an option for mitigating climate change, establishing the basis for the REDD+ negotiations.

    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 44. Accessed October 14, 2026.
      “No ano seguinte, influenciado por análise de organizações não-governamentais (ONGs) e pesquisadores brasileiros sobre opções de compensação internacional para desmatamento evitado (IPAM; EDF 2005), o Governo Brasileiro apresentou a sua própria proposta, “Desmatamento Evitado”, na COP 12 (Nairóbi). Finalmente, o Plano de Ação de Bali (COP 13, 2007) reconheceu a proposta como uma opção para mitigar as mudanças climáticas, estabelecendo assim a base para as negociações sobre REDD+.”

  19. 19. In the original wording of Decree No. 6,527/2008, the supported actions must observe the guidelines of the Sustainable Amazon Plan (PAS) and the Plan for the Prevention and Control of Deforestation in the Legal Amazon (PPCDAM); under the wording given by Decree No. 8,773 of 2016, they must observe the guidelines of the PPCDAM, except as provided in § 1 and in the ENREDD+.

    • Decreto nº 6.527, de 1º de agosto de 2008 (texto compilado do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 12, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 1, § 2 (original wording). Accessed October 14, 2026.
      “§ 2º As ações de que trata o caput devem observar as diretrizes do Plano Amazônia Sustentável - PAS e do Plano de Prevenção e Controle do Desmatamento na Amazônia Legal - PPCDAM, à exceção do disposto no § 1º.”
    • Decreto nº 6.527, de 1º de agosto de 2008 (texto compilado do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 12, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 1, § 2 (wording given by Decree No. 8,773 of 2016). Accessed October 14, 2026.
      “Estoques de Carbono Florestal - ENREDD+. (Redação dada pelo Decreto nº 8.773, de 2016)”

  20. 20. According to the Fundo Amazônia website, the fund is managed by the BNDES, which is also responsible for raising resources and for contracting and monitoring the supported projects and actions.

    • O Fundo Amazônia (página institucional) · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: section Management. Accessed October 14, 2026.
      “O Fundo Amazônia é gerido pelo Banco Nacional de Desenvolvimento Econômico e Social (BNDES ), que também se incumbe da captação de recursos, da contratação e do monitoramento dos projetos e ações apoiados.”

  21. 21. In the governance figure of the 2025 Activity Report, Inpe (MCTI) calculates the deforestation rates, the Ministry of the Environment and Climate Change calculates the avoided emissions, the CTFA certifies the avoided emissions, the COFA sets guidelines and criteria for the application of resources, and independent auditors conduct financial and compliance audits.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 18, Figure 1 (Governance of the Fundo Amazônia). Accessed October 14, 2026.
      “INSTITUTO NACIONAL DE PESQUISAS ESPACIAIS (INPE/MCTI) Cálculo das taxas de desmatamento MINISTÉRIO DO MEIO AMBIENTE E MUDANÇA DO CLIMA (MMA) Cálculo das emissões evitadas COMITÊ TÉCNICO DO FUNDO AMAZÔNIA (CTFA) Certificação das emissões evitadas COMITÊ ORIENTADOR DO FUNDO AMAZÔNIA (COFA) Diretrizes e critérios para aplicação de recursos AUDITORES INDEPENDENTES Auditoria financeira e de compliance”

  22. 22. Under Decree No. 11,368/2023, civil society is represented on the COFA by FBOMS, COIAB, CNI, the National Forum of Forest-Based Activities, CONTAG and SBPC, and the Fundo Amazônia describes the committee as tripartite, made up of the federal government, state governments and civil society.

    • COFA (Governança), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: presentation of the committee. Accessed October 14, 2026.
      “Trata-se de um comitê tripartite, formado de três blocos: governo federal, governos estaduais e sociedade civil.”
    • Decreto nº 11.368, de 1º de janeiro de 2023 (texto do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 10, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 4-A, item III, subitems a to d. Accessed October 14, 2026.
      “a) Fórum Brasileiro de ONGs e Movimentos Sociais para o Meio Ambiente e o Desenvolvimento - FBOMS; b) Coordenação das Organizações Indígenas da Amazônia Brasileira - COIAB; c) Confederação Nacional da Indústria - CNI; d) Fórum Nacional das Atividades de Base Florestal - FNBF;”

  23. 23. According to the 2025 Activity Report, the total donations internalized by the Fundo Amazônia by the end of 2025 was R$4,984,802,422.71 (US$1,575,971,774.76), in nominal values on the internalization dates, coming from ten donors: Norway, Germany, the United States, the United Kingdom, Denmark, Petrobras, Switzerland, Ireland, the European Union and Japan.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 22, Table 2 (Total donations received by the Fundo Amazônia as of December 31, 2025). Accessed October 14, 2026.
      “A Tabela 2 apresenta a relação completa dos doadores e valores correspondentes de suas contribuições, cujo montante acumulado alcançou R$ 4.984.802.422,71 em recursos internalizados até o fim de 2025.”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 22, Table 2, Total row and notes. Accessed October 14, 2026.
      “Total 4.984.802.422,71 1.575.971.774,76 Fonte: Elaboração própria. Nota: * Valores nominais nas respectivas datas de internalização dos recursos. ** Valores convertidos com base na taxa de câmbio das respectivas datas de internalização dos recursos.”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF pp. 15 and 16. Accessed October 14, 2026.
      “Assim, conta hoje com um grupo de dez doadores: Noruega, Alemanha, Reino Unido, Estados”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: p. 16 of the PDF. Accessed October 14, 2026.
      “Unidos da América (EUA), Suíça, Dinamarca, Japão, Irlanda, União Europeia e a Petrobras.”

  24. 24. In Ruling 2147/2018 of the TCU Plenary (session of September 12, 2018), in an audit of the Fundo Amazônia requested by the Funai-Incra 2 Parliamentary Inquiry Committee (CPI) of the Chamber of Deputies, the summary records that the findings point to a satisfactory execution of the program, with determinations, recommendations and notice to the BNDES, and the report concludes that the resources are being used appropriately.

  25. 25. According to an STF text reproduced by Lex Editora on November 4, 2022, the plenary of the Supreme Federal Court concluded the judgment of ADO 59, filed by the PSB, and ordered the Union to adopt, within 60 days, the administrative measures necessary to reactivate the Fundo Amazônia, assessing that the unilateral abolition of committees since 2019, without the creation of another body, prevented the financing of new projects and amounted to an omission; Justice Nunes Marques was the dissenting vote.

  26. 26. According to the midterm evaluation coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean), Brazil and Norway reached a cooperation agreement and the Fundo Amazônia was announced during COP 13, in Bali, in 2007, and was created the following year; at the same COP 13, the Prime Minister of Norway, Jens Stoltenberg, announced Norway's International Climate and Forests Initiative (NICFI), of which the Fundo Amazônia was the first project and funding.

    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 29. Accessed October 14, 2026.
      “Brasil e Noruega chegaram a um acordo de cooperação e, durante a Conferência das Nações Unidas sobre a Mudança Climática realizada em Bali em 2007 (COP 13), o Fundo Amazônia foi anunciado. Tendo sido criado no ano seguinte, seus principais doadores são Noruega e Alemanha”
    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 82, section 2.1 (Norway). Accessed October 14, 2026.
      “O Fundo Amazônia foi o primeiro projeto e financiamento do Norway’s International Climate and Forest Initiative (NICFI) (NORAD, n.d.), a Iniciativa Internacional da Noruega para Clima e Floresta. Na COP13, realizada em Bali em 2007 o Primeiro-Ministro da Noruega, Jens Stoltenberg, anunciou a criação do NICFI”

  27. 27. According to the Fundo Amazônia, the BNDES entered on October 14, 2011 into the first donation contract with Petrobras, and subsequent agreements totaled twenty-nine contracts and R$17,285,079.13 in donated amounts; the last Petrobras donation listed is dated May 16, 2018.

    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: Contracts by donor, Petrobras. Accessed October 14, 2026.
      “O BNDES celebrou, em 14.10.2011, o primeiro contrato de doação com a Petróleo Brasileiro S.A. – Petrobras. Subsequentes acordos foram formalizados, totalizando vinte e nove contratos e R$ 17.285.079,13 em valores doados.”
    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: table of Petrobras donations, last rows. Accessed October 14, 2026.
      “28a. Doação 84.498,16 23.658,35 16.05.2018 29a. Doação 1.154.980,44 323.379,00 16.05.2018”

  28. 28. Under the wording given by Decree No. 8,773 of 2016, art. 1 of Decree No. 6,527/2008 came to refer to the conservation and sustainable use of the Legal Amazon, in place of the Amazon biome.

    • Decreto nº 6.527, de 1º de agosto de 2008 (texto compilado do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 12, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 1, caput (wording given by Decree No. 8,773 of 2016). Accessed October 14, 2026.
      “Fundo Amazônia, para a realização de aplicações não reembolsáveis em ações de prevenção, monitoramento e combate ao desmatamento e de promoção da conservação e do uso sustentável da Amazônia Legal, o qual contemplará as seguintes áreas: (Redação dada pelo Decreto nº 8.773, de 2016)”

  29. 29. Decree No. 9,759 of April 11, 2019, signed by Jair Messias Bolsonaro and Onyx Lorenzoni, abolished, as of June 28, 2019, the collegiate bodies of the federal public administration that it covered.

    • Decreto nº 9.759, de 11 de abril de 2019 (texto do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 5, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 5, caput. Accessed October 14, 2026.
      “Art. 5º A partir de 28 de junho de 2019, ficam extintos os colegiados de que trata este Decreto.”
    • Decreto nº 9.759, de 11 de abril de 2019 (texto do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 5, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: closing and signatures. Accessed October 14, 2026.
      “Brasília, 11 de abril de 2019; 198º da Independência e 131º da República. JAIR MESSIAS BOLSONARO Onyx Lorenzoni”

  30. 30. According to the midterm evaluation coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean), Decree No. 9,759 of April 11, 2019 brought about the abolition of several collegiate bodies of the federal public administration, including the COFA and the CTFA, and by the time the evaluation was completed the new governance of the Fundo Amazônia had not been defined.

    • Relatório de Atividades 2022, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 9, Introduction. Accessed October 14, 2026.
      “Os resultados só não foram mais expressivos porque, em decorrência do Decreto 9.759, de 11 de abril de 2019, os dois comitês que compunham a governança do Fundo Amazônia – o Comitê Orientador do Fundo Amazônia (COFA) e o Comitê Técnico do Fundo Amazônia (CTFA) – foram extintos e, por consequência, os doadores do fundo determinaram a suspensão do fluxo de apoio a novos projetos pelo BNDES.”
    • Relatório de Atividades 2022, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 9, Introduction. Accessed October 14, 2026.
      “Essa condição foi revertida somente no início de 2023, com a assinatura do Decreto 11.368, de 1º de janeiro de 2023, que retomou a governança anterior do fundo e permitiu a reabertura do processo de análise de propostas pelo BNDES.”
    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 63. Accessed October 14, 2026.
      “O Decreto nº 9.759, de 11 de abril de 2019, promoveu a extinção de diversos colegiados da administração pública federal, inclusive o COFA e o CTFA. Até a data da conclusão desta avaliação não foi ainda definida qual será a nova governança do Fundo Amazônia.”

  31. 31. Under Decree No. 6,527/2008, up to twenty percent of the resources of the Fundo Amazônia may be used to develop deforestation monitoring and control systems in other Brazilian biomes and in other tropical countries.

    • Decreto nº 6.527, de 1º de agosto de 2008 (texto compilado do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 12, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 1, § 1. Accessed October 14, 2026.
      “§ 1º Poderão ser utilizados até vinte por cento dos recursos do Fundo Amazônia no desenvolvimento de sistemas de monitoramento e controle do desmatamento em outros biomas brasileiros e em outros países tropicais.”

  32. 32. Decree No. 6,527/2008 requires the BNDES to set aside the amount equivalent to three percent of the value of the donations to cover its operating costs and the expenses related to the Fundo Amazônia, including those of the CTFA, the COFA and the contracting of an audit (wording given by Decree No. 6,565 of 2008).

    • Decreto nº 6.527, de 1º de agosto de 2008 (texto compilado do Planalto) · Presidency of the Republic (Planalto) Official legal act
      Read from an archived copy (Internet Archive (Wayback Machine), captured October 12, 2026); original address: www.planalto.gov.br. The archive preserves the copy; the author is Presidency of the Republic (Planalto).
      Where: art. 1, § 3. Accessed October 14, 2026.
      “§ 3º O BNDES segregará a importância equivalente a três por cento do valor das doações referidas no caput para cobertura de seus custos operacionais e das despesas relacionadas ao Fundo Amazônia, incluídas as despesas referentes à operacionalização do Comitê Técnico do Fundo Amazônia - CTFA, do Comitê Orientador do Fundo Amazônia - COFA e os custos de contratação de serviços de auditoria. (Redação dada pelo Decreto nº 6.565, de 2008)”

  33. 33. The annual table of approved operations and disbursements in the Fundo Amazônia's 2025 Activity Report records no approved operations from 2019 to 2022 and records nominal net disbursements of R$108,871,691.31 (2019), R$131,908,347.12 (2020), R$117,490,671.19 (2021) and R$90,469,901.33 (2022).

    • Relatório de Atividades 2022, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 28, Operational performance. Accessed October 14, 2026.
      “Conforme mencionado no capítulo 1, a partir de 2019 não foram aprovados novos projetos pelo Fundo Amazônia.”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 32, Table 4 (nominal values), rows 2019 to 2022. Accessed October 14, 2026.
      “2019 - - 108.871.691,31 2020 - - 131.908.347,12 2021 - - 117.490.671,19 2022 - - 90.469.901,33”

  34. 34. According to the 2025 Activity Report, in 2025 the Fundo Amazônia completed eight projects, bringing the total to 82 completed projects, and at the end of 2025 the portfolio had 144 contracted projects.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 9, Monitoring and evaluation. Accessed October 14, 2026.
      “Em 2025, o Fundo Amazônia finalizou oito projetos, alcançando a marca de 82 projetos concluídos.”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 68, Effectiveness evaluation. Accessed October 14, 2026.
      “Ao fim de 2025, a carteira do Fundo Amazônia contava com 144 projetos contratados, dos quais 82 já concluídos.”

  35. 35. According to the Fundo Amazônia, on September 17, 2013 the BNDES and the government of Norway signed a new contract consolidating the earlier contract and amendments and extending the cooperation until December 2021; the full transfer of the resources was made possible by the exemption from PIS/Pasep and COFINS on the donations (Law No. 12,810 of May 15, 2013).

    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: Contracts by donor, Government of Norway. Accessed October 14, 2026.
      “No dia 17 de setembro de 2013, o BNDES e o governo da Noruega assinaram um novo contrato visando consolidar o contrato e aditivos anteriores de doação para o Fundo Amazônia e ampliar a vigência da cooperação até dezembro de 2021.”
    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: Contracts by donor, Government of Norway. Accessed October 14, 2026.
      “Outra alteração importante foi a transferência integral dos recursos contratados, possibilitada pela isenção da incidência do PIS/Pasep e da COFINS sobre as doações (Lei n° 12.810, de 15.05.2013, que alterou a Lei º11.828/2008).”

  36. 36. On the Fundo Amazônia donations page, with data updated through May 30, 2026, the total internalized donations were R$5,255,868,746.98 in nominal values, of which R$3,804,376,093.74 from Norway, R$555,026,894.76 from the United Kingdom, R$387,859,396.00 from Germany and R$291,382,003.20 from the United States.

    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: table Internalized donations (nominal values in R$). Accessed October 14, 2026.
      “Doações internalizadas (valores nominais em R$) Noruega 3.804.376.093,74 Reino Unido 555.026.894,76 Alemanha 387.859.396,00 Estados Unidos 291.382.003,20”
    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: table Internalized donations, TOTAL row. Accessed October 14, 2026.
      “TOTAL 5.255.868.746,98 Dados atualizados até 30/05/2026”

  37. 37. In the Fundo Amazônia table of contracted donations (data through May 30, 2026), DKK 50,000,000.00 from Denmark, EUR 13,950,000.00 from the European Union and CHF 3,500,000.00 from Switzerland remained to be internalized.

    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: table Contracted donations (accumulated nominal value, internalized value, value to be internalized). Accessed October 14, 2026.
      “Dinamarca DKK 150.000.000,00 DKK 100.000.000,00 DKK 50.000.000,00 União Europeia EUR 18.600.000,00 EUR 4.650.000,00 EUR 13.950.000,00”
    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: table Contracted donations, Switzerland row, and update date. Accessed October 14, 2026.
      “Suíça CHF 10.000.000,00 CHF 6.500.000,00 CHF 3.500.000,00 Irlanda EUR 5.000.000,00 EUR 5.000.000,00 - Japão JPY 411.000.000,00 JPY 411.000.000,00 - Dados atualizados até 30/05/2026”

  38. 38. According to the 2025 Activity Report, with data from December 2025, the actions supported by the Fundo Amazônia reached 1.4 million rural properties registered in the Rural Environmental Registry (CAR), 191 supported conservation units, 167 supported Indigenous lands in the Amazon and 640 scientific or informational publications produced.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 9, Executive summary (results achieved with the supported actions). Accessed October 14, 2026.
      “1,4 milhão de imóveis rurais inscritos no Cadastro Ambiental Rural (CAR) 640 publicações científicas ou informativas produzidas 191 unidades de conservação apoiadas 167 terras indígenas da Amazônia apoiadas COM AS AÇÕES APOIADAS, FORAM ALCANÇADOS OS SEGUINTES RESULTADOS:”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 8, Executive summary. Accessed October 14, 2026.
      “Após 17 anos de atuação, apresentou os seguintes resultados em dezembro de 2025:”

  39. 39. According to the 2025 Activity Report, the actions supported by the Fundo Amazônia reached, cumulatively through December 2025, 2,128 environmental enforcement missions, 288 thousand people benefited by sustainable productive activities, 326 strengthened environmental agencies (federal, state and municipal) and 38,004 forest fires or burnings fought by military fire departments.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 9, Executive summary. Accessed October 14, 2026.
      “2.128 missões de fiscalização ambiental efetuadas 288 mil pessoas beneficiadas com atividades produtivas sustentáveis 326 órgãos ambientais fortalecidos (federais, estaduais e municipais) 38.004 incêndios florestais ou queimadas combatidos pelos bombeiros militares”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 8, Executive summary. Accessed October 14, 2026.
      “Após 17 anos de atuação, apresentou os seguintes resultados em dezembro de 2025:”

  40. 40. According to the midterm evaluation coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean) (period 2008 to 2018), the projects with the Fire Departments point to 23,630 forest fires or unauthorized burnings fought, and the fund supported projects in 65% of the area of Indigenous Lands and in 190 Conservation Units in the Amazon.

    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 22. Accessed October 14, 2026.
      “Os projetos com os Corpos de Bombeiros tiveram impactos positivos na prevenção e combate de incêndios. Os resultados apontam para 23.630 incêndios florestais ou queimadas não autorizadas combatidos pelos Corpos de Bombeiros Militares.”
    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 22. Accessed October 14, 2026.
      “O apoio de projetos em 65% da área de Terras Indígenas (TIs) e em 190 Unidades de Conservação (UCs) na Amazônia, ajudou a fortalecer aquelas categorias territoriais que constituem a principal barreira contra o desmatamento.”

  41. 41. According to the midterm effectiveness evaluation of the Fundo Amazônia (2008 to 2018), coordinated by Cepal (UN Economic Commission for Latin America and the Caribbean), there is clear evidence that the fund contributed to reducing deforestation, but estimating this contribution quantitatively is a major challenge; the authors conclude that the fund did not change the deforestation trends of recent years, but that without it deforestation would have been greater, and that its results depend to a great extent on the policies of the Federal Government, the states and the municipalities.

    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 21, Executive summary, II. Effectiveness of the Fundo Amazônia. Accessed October 14, 2026.
      “Embora existam evidências claras de que o Fundo Amazônia tem contribuído para reduzir o desmatamento na Amazônia, é um grande desafio estimar quantitativamente essa contribuição. O Fundo tem recursos limitados em comparação ao total da economia amazônica, para que as variações das taxas do desmatamento da Amazônia possam ser atribuídas a seu desempenho.”
    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 21, Executive summary. Accessed October 14, 2026.
      “Além disso, o Fundo foi criado com a característica de adicionalidade aos recursos governamentais brasileiros e seus resultados dependem, em grande medida, da efetividade de políticas ambientais e econômicas do Governo Federal e dos programas e ações dos estados e municípios amazônicos”
    • Relatório de avaliação de meio termo da efetividade do Fundo Amazônia 2008-2018 (dezembro de 2019) · Economic Commission for Latin America and the Caribbean (ECLAC), technical coordination; published by the Amazon Fund/BNDES International organization
      Where: PDF p. 21, Executive summary. Accessed October 14, 2026.
      “A conclusão é de que o Fundo Amazônia não alterou as tendências do desmatamento dos últimos anos, mas sem a sua implementação o desmatamento teria sido maior (Gráfico 2).”

  42. 42. According to the 2025 Activity Report, over 17 years 19 external evaluation studies of Fundo Amazônia projects were carried out, eight of individual projects and 11 thematic, totaling fifty completed projects externally evaluated; in 2025 the GIZ delivered to the BNDES a database with 593 recommendations and 210 lessons learned.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 69, Effectiveness evaluation. Accessed October 14, 2026.
      “Ao longo de 17 anos do Fundo Amazônia, foram realizados 19 estudos de avaliação externa de projetos, sendo oito avaliações de projetos individuais e 11 avaliações temáticas, que contemplaram conjuntos de projetos, totalizando cinquenta projetos concluídos avaliados externamente.”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 69, Effectiveness evaluation. Accessed October 14, 2026.
      “Em 2025, a GIZ consolidou informações dessas avaliações e entregou ao BNDES um banco de dados contemplando 593 recomendações e 210 lições aprendidas”

  43. 43. According to the 2025 Activity Report, in addition to the external audits agreed with the donors, the Fundo Amazônia responds to audits and requests from oversight bodies such as the TCU and the CGU, and in 2025 it responded to 138 information requests from civil society.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 38, Transparency and accountability in the use of resources. Accessed October 14, 2026.
      “Somente em 2025, foram respondidas 138 demandas de informação da sociedade civil relativas ao funcionamento do fundo, detalhes de projetos, prestação de contas, avaliação de resultados, entre outros temas. Além disso, o Fundo Amazônia responde constantemente a solicitações de informação por meio de auditorias e demandas de órgãos de controle, como o Tribunal de Contas da União (TCU) e a Controladoria-Geral da União (CGU)”

  44. 44. In the vote of TCU Ruling 2147/2018, the rapporteur records that the audit team did not identify serious irregularities indicating damage, but considered it necessary to institute controls during the execution of projects and to evaluate the effectiveness of the projects implemented in the beneficiary communities; the ruling recommended that the BNDES evaluate including in the external audits the verification, even if by sampling, of the application of the resources disbursed to ongoing projects.

  45. 45. The 2023 Activity Report records donation intentions announced by the United States of 497 million dollars; the Fundo Amazônia donations page records three contracts with the US Department of State, for a total of US$53,472,000.00 (R$291,382,003.20). An announced intention is not equivalent to a contracted or received donation.

    • Relatório de Atividades 2023, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 12, Introduction. Accessed October 14, 2026.
      “Foram também anunciadas intenções de doação adicionais do Reino Unido (35 milhões de libras esterlinas), dos Estados Unidos (497 milhões de dólares americanos), da Noruega (50 milhões de dólares americanos), da Dinamarca (150 milhões de coroas dinamarquesas) e da União Europeia (20 milhões de euros).”
    • Doações (Transparência), Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: Contracts by donor, Government of the United States. Accessed October 14, 2026.
      “O BNDES celebrou, no dia 29.09.2023, o primeiro contrato de contribuição financeira com o Departamento de Estado dos Estados Unidos da América (DOS). Até o momento foram celebrados três contratos no valor total de US$ 53.472.000,00 (R$ 291.382.003,20).”

  46. 46. The 2025 Activity Report records as a challenge that the growth of the project portfolio intensifies the need to ensure an adequate pace of disbursements and of project execution on the ground, and that growing demand will require a continued fundraising effort.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 16, Recent developments, challenges and prospects. Accessed October 14, 2026.
      “Com base na dinâmica observada nos anos recentes, espera-se para os próximos anos uma crescente demanda por projetos, o que exigirá esforço continuado de captação de recursos. O crescimento da carteira de projetos intensifica o desafio de garantir um ritmo adequado de desembolsos e a execução dos projetos na ponta, para que os recursos cheguem nos territórios com impacto e transparência nos resultados.”

  47. 47. According to the Fundo Amazônia's 2025 Activity Report, in 2007, in light of the reduction in Amazon deforestation that the report associates with the PPCDAm, Brazil presented at the 13th Conference of the Parties to the United Nations Framework Convention on Climate Change a climate financing instrument that became the Fundo Amazônia; on August 1, 2008, the BNDES was authorized by Decree 6,527 to create the fund.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 12 (printed p. 10), Introduction, Presentation. Accessed October 14, 2026.
      “Há quase vinte anos, em 2007, o Brasil fez uma proposta ousada. Diante da redução inédita de desmatamento da Amazônia, propiciada pelo Plano de Ação para Prevenção e Controle do Desmatamento na Amazônia Legal (PPCDAm), o país apresentou, na 13ª Conferência das Partes da Convenção-Quadro das Nações Unidas sobre a Mudança do Clima,1 um instrumento de financiamento climático”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 12 (printed p. 10), Introduction, Presentation. Accessed October 14, 2026.
      “Fundo Amazônia. Em seguida, em 1º de agosto de 2008, o Banco Nacional de Desenvolvimento Econômico e Social (BNDES) foi autorizado, pelo Decreto 6.527,4 a criar o fundo, constituído para receber doações voluntárias para aplicação não reembolsável em ações de prevenção, monitoramento e combate ao desmatamento; conservação; e uso sustentável da Amazônia Legal.”

  48. 48. According to the 2025 Activity Report, the Fundo Amazônia's annual fundraising limit is calculated by multiplying the reduction in emissions from deforestation, after a 15% contingency discount for possible future reversals, by the carbon-to-CO2 conversion factor and by US$5.00.

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 21, Methodology for calculating avoided emissions from forest year 2024 onward. Accessed October 14, 2026.
      “Já o limite anual de captação de recursos é calculado da seguinte forma: PF = RED × CONT × CFc-co2 × US$ 5,00 Onde: PF = arrecadação potencial anual de recursos; RED = redução das emissões do desmatamento em toneladas de carbono (tC); CONT = desconto de 15% de contingência para possíveis reversões futuras;”

  49. 49. The 2025 Activity Report presents disbursements in two ways: Table 4 in nominal values (net disbursement) and Chart 4 in R$ millions adjusted by the IPCA; for this reason, the series of annual disbursements in the executive summary (which includes the value 104.1) does not match the nominal values in the table (R$90,469,901.33 in 2022).

    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 33, title of Chart 4. Accessed October 14, 2026.
      “Gráfico 4 :: Valor dos desembolsos anuais, em R$ milhões (atualizado pelo IPCA)”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 9, Executive summary, Annual disbursements (in R$ millions; page note: values adjusted for inflation, IPCA), sequence of values in the series. Accessed October 14, 2026.
      “154,08 183,25 151,05 104,1 53,24 216,88 387,33”
    • Relatório de Atividades 2025, Fundo Amazônia · Brazilian Development Bank (BNDES), Amazon Fund Official record
      Where: PDF p. 32, Table 4 (nominal values), row 2022. Accessed October 14, 2026.
      “2022 - - 90.469.901,33”

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