IT IS an unusual prospectus for a new fund. Left-wing government (formerly hostile to private enterprise) seeks investment from governments or individuals to be managed by the national development bank. Returns will beat the market in terms of virtue only, though investors may lay claim to a part in the salvation of the planet. Norway, the most considerate of global citizens, has already pledged $100m. Others may follow.
The Amazon Fund, launched on July 31st by Brazil?s president, Luiz Inácio Lula da Silva, leans on an idea that has become accepted wisdom among conservationists: to stop the Amazon rainforest from shrinking, a way must be found to make preserving it more lucrative than slashing and burning it. It is not yet clear who will be eligible for grants from the fund, but early indications are that it will give money to projects proposed by NGOs, scientists or by the governments of the states that are home to the forest. They might include supporting traditional rubber tappers and gatherers of Brazil nuts, or carefully managed forestry.
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