Who gains from saving nature
Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Protected area / relocation · Brazil · 2008–2026

Amazon Fund (Fundo Amazônia), managed by BNDES: donations, projects, the 2019–2022 freeze and the restart

Nature's voice · report
In 2020 the area deforested in the Legal Amazon was 49% above the 2009 rate, according to the Amazon Fund's own results page.
Did nature suffer? Yes. Harm is on record. Accounts differ ↓
In my name
  • Nominal; as stated on the donations page 5.26 billion reais were raised in my name. The measurements of what reached me differ. Amazon Fund (BNDES)
Recorded
What the record lacks: 2 none on record · 1 insufficient · 6 disputed · 1 unclear See the gaps
Accounts of the harm differ
What the fund has done for deforestation
  • International bodies ECLAC-coordinated mid-term evaluation (2019): Clear evidence of contribution to reduced deforestation but hard to estimate quantitatively; the fund did not alter the trend of the last couple of years, though deforestation would otherwise have been more widespread. Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
  • Company or project Amazon Fund results page: Deforested area in 2020 was 49% above the 2009 rate; average annual deforestation for 2010–2020 was 4% below 2009; the page states the fund's contribution is "not exclusive" and adds to many other actors. Amazon Fund (BNDES)
  • Government and regulators Environment Ministry (Capobianco, 2024): Deforestation fell 49.9% in 2023 compared with 2022. Poder360

Brazil's Amazon Fund, created by decree in 2008 and managed by the Brazilian Development Bank (BNDES), receives donations for projects against deforestation in the Legal Amazon; its donations page records BRL 5,255,868,746.98 received as of 30 May 2026, led by Norway. Donor payments stopped in 2019, Brazil's Supreme Court ordered the fund reactivated in 2022, and an independent mid-term evaluation (December 2019) found that the fund had not altered deforestation trends but that deforestation would have been more widespread without it.

BRL 5,255,868,746.98Donations received by the Amazon Fund as of 30 May 2026 (nominal)
Total on the Amazon Fund donations page; Norway accounts for BRL 3,804,376,093.74 of it. The same page lists contracted donations in ten currencies, which are not converted here.

Status As of 30 May 2026: the fund is operating and receiving donations (BRL 5,255,868,746.98 received in total); the Supreme Federal Court ordered reactivation in November 2022; the latest independent evaluation in the sources reviewed covers 2008–2018.

What?
A fund managed by BNDES that receives donations, mainly from Norway and Germany, and finances projects against deforestation and for sustainable use in the Legal Amazon. Amazon Fund (BNDES)
Where?
Brazil's Legal Amazon; managed from BNDES in Rio de Janeiro; donors in Norway, Germany, the United Kingdom and others. Amazon Fund (BNDES)
When?
Created 1 August 2008; donor payments stopped in August 2019; Supreme Court reactivation order 3 November 2022; revival announced January 2023; donations recorded to 30 May 2026. Amazon Fund (BNDES)
Who?
Gained
Lost
  • Projects awaiting approval during the freeze — The claimants in ADO 59 argued that the fund approved no projects from 2019; about R$ 1.5 billion was blocked when the suspension took effect Conectas
Harmed
  • Amazon forest — Deforested area in 2020 was 49% above the 2009 rate; deforestation in protected areas including Indigenous lands rose 131% between 2009 and 2019 Amazon Fund (BNDES)
Why?
Donors pay into the fund for deforestation prevention, monitoring and control and for sustainable use; the Ministry sets a fundraising ceiling based on reductions in emissions from deforestation. Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
How?
BNDES raises donations and selects and monitors projects; COFA sets guidelines and CTFA certifies the Ministry's emission-reduction calculations; the fund finances four components (sustainable production, monitoring and control, territorial organisation, science and economic instruments). Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
6 of 6 questions answered from the record

What happened

The record, in order.

The Amazon Fund was created under Decree No. 6,527 of 1 August 2008. The fund's own page describes it as "a REDD+ mechanism created to raise donations for non-reimbursable investments" in deforestation prevention, monitoring and control and in the preservation and sustainable use of the Brazilian Amazon. BNDES raises the donations, invests them and monitors the supported projects; a Steering Committee (COFA) sets guidelines, and a Technical Committee (CTFA) certifies the Ministry of Environment's calculations of emission reductions from deforestation. The December 2019 mid-term evaluation, written by independent consultants with technical coordination by the UN Economic Commission for Latin America and the Caribbean (ECLAC), recorded that 3% of all donations is intended to cover operating costs and that the Ministry sets each year a fundraising ceiling based on the reduction of emissions from deforestation. The evaluation gave the shares of resources by component: 26% sustainable production, 47% monitoring and control, 14% territorial organisation and 13% science, innovation and economic instruments.

By the end of 2018 the fund supported 103 projects, with about R$ 1.9 billion committed and R$ 1.1 billion disbursed, according to the mid-term evaluation; of the resources received over ten years, 55% (R$ 1.9 billion) had been allocated to projects. The evaluation wrote that "out of the available resources, unfortunately, not even half were spent throughout this time period." The fund's donations page, as of 30 May 2026, lists cumulative donations received of BRL 5,255,868,746.98 in nominal terms from ten donors: Norway BRL 3,804,376,093.74, United Kingdom BRL 555,026,894.76, Germany BRL 387,859,396.00, United States BRL 291,382,003.20, Denmark BRL 84,741,838.56, Switzerland BRL 38,214,896.59, Ireland BRL 31,529,500.00, European Union BRL 30,510,045.00, Petrobras BRL 17,285,079.13 and Japan BRL 14,943,000.00. The same page gives Norway's donations in contracted currency as NOK 8,889,495,999.97 in its table and NOK 9,424,027,220.49 in its text. The fund's home page, which carries no as-of date, shows 154 supported projects and an amount disbursed of 632 (USD in millions).

Donor payments stopped in August 2019. Al Jazeera reported on 16 August 2019 that Norway had halted payments of about US$33 million, and that Norway's Climate and Environment Minister said Brazil had broken its agreement with Norway and Germany by dissolving the fund's board and technical committee; Germany suspended 35 million euros for new Environment Ministry projects, citing rising deforestation. The Brazilian government changed the fund's governance and closed the steering committee. In May 2019 the Environment Minister had said the ministry's analysis of about a quarter of the fund's contracts found problems in NGO contracts; the federal Comptroller-General (CGU) said it had not run audit tests on those contracts. In June 2020 political parties asked the Supreme Federal Court (STF) to order the government to reactivate the fund (ADO 59). On 3 November 2022 the court, following the rapporteur Justice Rosa Weber, held the paralysis to be an unconstitutional omission and ordered the federal government to take the administrative measures needed to reactivate the fund within 60 days; the ruling was published on 16 August 2023. Conectas, which took part as amicus curiae, put the amount blocked at about R$ 1.5 billion when the suspension took effect and R$ 3.3 billion by the time of the ruling.

After President Lula took office in January 2023, Reuters reported that Norway's minister announced the fund's revival, that Lula's first decrees reinstated its governing board and that the fund held about 3.4 billion reais. Poder360 reported on 1 February 2024, citing BNDES, that the fund received R$ 726 million in donations in 2023 (United Kingdom R$ 497 million, Germany R$ 186 million, Switzerland 28 million, United States R$ 15 million) against R$ 3.3 billion announced for 2023. The donations page shows later payments from the United States (December 2023 to October 2024), the United Kingdom (November 2024 to May 2026), Japan, Denmark, Ireland, the European Union and Switzerland. On deforestation, the fund's results page says the area deforested in the Legal Amazon in 2020 was 49% above the 2009 rate, while average annual deforestation for 2010–2020 was 4% below 2009; the mid-term evaluation found that the fund "did not alter the deforestation tendencies of the last couple of years" but that without it deforestation "would have been even more widespread." Brazil's Executive Secretary of the Environment Ministry said in 2024 that deforestation fell 49.9% in 2023 compared with 2022. The fund's page lists independent evaluations including a 2016 KfW ex-post evaluation that gave an overall grade of 2 on a scale of 1 to 6; an annual report for 2024 is listed in the BNDES library, and its figures are not in the sources reviewed.

  1. 2008Amazon Fund created by Decree No. 6,527 (1 August); BNDES to raise and manage donations
  2. 2009First Norwegian donation recorded; Norway's donations run to December 2025 (16 donations)
  3. 2010First German donation recorded (29 December); Germany's 7 donations run to 2024
  4. 2015Norway's initial Amazon Fund commitment recorded as met (Norad table footnote)
  5. 2016KfW ex-post evaluation of the fund: overall grade 2 on a scale of 1 to 6
  6. 2018End of year: 103 projects supported, about R$ 1.9 billion committed and R$ 1.1 billion disbursed (mid-term evaluation)
  7. 2019May: Environment Minister says analysis of about a quarter of contracts found problems; CGU says it ran no audit tests. August: Germany suspends EUR 35 million and Norway halts about US$33 million; December: ECLAC-coordinated mid-term evaluation report
  8. 2020June: political parties file ADO 59 at the Supreme Federal Court asking that the fund be reactivated
  9. 20223 November: Supreme Federal Court orders the federal government to reactivate the fund within 60 days
  10. 2023January: Norway announces the fund's revival after Lula reinstates its board; the fund received R$ 726 million in donations during the year (Poder360)
  11. 2024Donations continue from the United States, Japan, United Kingdom and Denmark; Poder360 reports R$ 3.3 billion announced for 2023
  12. 202630 May: donations page records BRL 5,255,868,746.98 received in total

What was said

Claims, in the words of those who made them.

“The overall goal of the Amazon Fund is to reduce deforestation with sustainable development in Brazil's Legal Amazon.”

“the Amazon Fund did not alter the deforestation tendencies of the last couple of years, but without its implementation, deforestation would have been even more widespread”

“out of the available resources, unfortunately, not even half were spent throughout this time period”

“Isn't Norway that country that kills whales up there in the North Pole?”

President Jair Bolsonaro, as reported by Al Jazeera · August 2019 · Al Jazeera

“Take that money and help Angela Merkel reforest Germany.”

President Jair Bolsonaro, as reported by Al Jazeera · August 2019 · Al Jazeera

“Brazil's new President has signaled a clear ambition to stop deforestation by 2030”

Espen Barth Eide, Norwegian Minister of Climate and Environment, as quoted by Reuters · January 2023 · Reuters via Zawya

“A CGU não efetuou testes de auditoria sobre esses contratos”

Controladoria-Geral da União (CGU), note to Jornal do Brasil · 17 May 2019 · original in Portuguese · Jornal do Brasil

“Tivemos redução do desmatamento de 49,9% em 2023 em relação a 2022.”

João Paulo Capobianco, Executive Secretary of the Environment Ministry, as quoted by Poder360 · 1 February 2024 · original in Portuguese · Poder360

Where accounts differ

Each party's account, side by side, with its source. The record does not settle these points; it shows them.

Why donor payments stopped in 2019
Government and regulators
Government of Norway

Brazil broke its agreement with Norway and Germany by dissolving the fund's board and technical committee; no formal proposal for a new committee had been made.

Al Jazeera
Government and regulators
Government of Germany

Suspended EUR 35 million for new Environment Ministry projects, citing concerns over rising deforestation.

Al Jazeera
Government and regulators
President Jair Bolsonaro

Reacted with "Isn't Norway that country that kills whales up there in the North Pole?" and "Take that money and help Angela Merkel reforest Germany."

Al Jazeera
Government and regulators
Environment Minister Ricardo Salles

Said in May 2019 that analysis of about a quarter of the contracts found problems, including concentration of resources in staff, management, travel and training; the entities analysed were not named.

Jornal do Brasil
Government and regulators
Controladoria-Geral da União

Said it did not take part in the ministry's analysis and ran no audit tests on those contracts; the conclusions were the ministry's alone.

Jornal do Brasil
Whether the government's paralysis of the fund was lawful
Communities and civil society
Four political parties (claimants in ADO 59)

Argued that the fund had approved no projects since 2019 and that the CTFA and COFA had been eliminated, relying on Article 225 of the 1988 Constitution and the precautionary principle.

Climate Change Litigation Databases
Government and regulators
Federal government (defendant)

Argued that an action of this type is not a proper tool for expressing disagreement with government policy.

Climate Change Litigation Databases
Courts
Supreme Federal Court (3 November 2022)

Held the decrees that changed the fund's governance and blocked financing of new projects unconstitutional, found an unconstitutional omission and ordered reactivation within 60 days.

Climate Change Litigation Databases
What the fund has done for deforestation
International bodies
ECLAC-coordinated mid-term evaluation (2019)

Clear evidence of contribution to reduced deforestation but hard to estimate quantitatively; the fund did not alter the trend of the last couple of years, though deforestation would otherwise have been more widespread.

Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
Company or project
Amazon Fund results page

Deforested area in 2020 was 49% above the 2009 rate; average annual deforestation for 2010–2020 was 4% below 2009; the page states the fund's contribution is "not exclusive" and adds to many other actors.

Amazon Fund (BNDES)
Government and regulators
Environment Ministry (Capobianco, 2024)

Deforestation fell 49.9% in 2023 compared with 2022.

Poder360
Money received versus money spent
International bodies
Mid-term evaluation (2019)

Not even half of the available resources had been spent over ten years; 55% of resources received (R$ 1.9 billion) had been allocated to projects.

Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
Communities and civil society
Conectas (amicus curiae)

About R$ 1.5 billion was blocked when the suspension took effect and R$ 3.3 billion by the time of the judgment.

Conectas
Press and investigations
Reuters (January 2023)

The fund held about 3.4 billion reais ($620 million) when it was revived.

Reuters via Zawya

How it looked

What was shown, beside what was recorded.

Shown

  • The Amazon Fund described as "a REDD+ mechanism created to raise donations for non-reimbursable investments".
    Amazon Fund (BNDES) · Amazon Fund (BNDES)
  • Results page listing 652 community organisations strengthened, 191 protected areas supported, 167 Indigenous lands supported and 1.4 million rural properties registered in the rural environmental registry.
    Amazon Fund (BNDES), "Amazon Fund in Numbers" page · Amazon Fund (BNDES)
  • The fund's revival presented as a chance for the international community "to contribute", with Brazil's new president said to have "reinstated strategies" against deforestation.
    Norwegian Minister of Climate and Environment, as reported by Reuters · Reuters via Zawya

Recorded

  • The December 2019 mid-term evaluation found clear evidence that the fund contributed to reduced deforestation but described that contribution as challenging to estimate quantitatively; it found the fund did not alter the trend of the preceding years.
  • The evaluation records 103 projects, R$ 1.9 billion committed and R$ 1.1 billion disbursed at the end of 2018, and that not even half of the available resources had been spent.
  • The fund's own results page records the Legal Amazon deforested area in 2020 as 49% above the 2009 rate and deforestation in federal and state protected areas, including Indigenous lands, as 131% higher in 2019 than in 2009.
  • The Supreme Federal Court held on 3 November 2022 that the fund's paralysis was an unconstitutional omission and ordered reactivation within 60 days.
  • The audits page lists annual financial statements with independent auditors' reports and compliance audit reports for 2010 to 2025; their content was not read.

In nature's name

What was promised in nature's name, the money that moved, and what was measured.

Promised

  • “a REDD+ mechanism created to raise donations for non-reimbursable investments” — Amazon Fund (BNDES), description of the fund Amazon Fund (BNDES)
  • “The overall goal of the Amazon Fund is to reduce deforestation with sustainable development in Brazil's Legal Amazon.” — Mid-term evaluation of the Amazon Fund, restating the fund's objective (December 2019) Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
  • “Brazil's new President has signaled a clear ambition to stop deforestation by 2030” — Espen Barth Eide, Norwegian Minister of Climate and Environment, as quoted by Reuters (January 2023) Reuters via Zawya

Money moved in nature's name

WhatKindAmountPeriod
Donations received by the Amazon Fund, all donors, cumulative
Ten donors led by Norway (BRL 3,804.376094 million)
Amazon Fund (BNDES)
Raised5.3bn BRL2009–2026 (as of 30 May 2026)
Norway, cumulative contracted donations (table)
Government of Norway
Amazon Fund (BNDES)
Pledged8.9bn NOK2009–2025
Norway, additional contracted donation
Government of Norway
Amazon Fund (BNDES)
Pledged$50mto 30 May 2026
Germany, cumulative contracted donations
Government of Germany
Amazon Fund (BNDES)
Pledged€90m2010–2024
United Kingdom, cumulative contracted donations
Government of the United Kingdom
Amazon Fund (BNDES)
Pledged£80m2024–2026
United States, cumulative contracted donations
Government of the United States
Amazon Fund (BNDES)
Pledged$53m2023–2024
Denmark, cumulative contracted donations
Government of Denmark
Amazon Fund (BNDES)
Pledged150m DKK2024–2025
European Union, cumulative contracted donations
European Union
Amazon Fund (BNDES)
Pledged€19mto 30 May 2026
Switzerland, cumulative contracted donations
Government of Switzerland
Amazon Fund (BNDES)
Pledged10m CHF2023–2025
Ireland, cumulative contracted donations
Government of Ireland
Amazon Fund (BNDES)
Pledged€5m2025
Japan, cumulative contracted donations
Government of Japan
Amazon Fund (BNDES)
Pledged411m JPY2024
Petrobras, cumulative donations
Petrobras
Amazon Fund (BNDES)
Raised17m BRL2011–2018
Resources committed to projects
Amazon Fund (BNDES)
Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
Spent1.9bn BRLto end of 2018
Resources disbursed to projects
Amazon Fund (BNDES)
Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
Paid out1.1bn BRLto end of 2018
Amount disbursed per the fund's home page
Amazon Fund (BNDES)
Amazon Fund (BNDES)
Paid out$632mundated
Donations received in 2023
United Kingdom, Germany, Switzerland, United States
Poder360
Raised726m BRL2023
Amount blocked by the suspension
Amazon Fund (BNDES)
Conectas
Budget3.3bn BRL2019–2022

What was measured

Measurements differ

The mid-term evaluation was written by independent consultants coordinated by ECLAC but commissioned within the fund's evaluation programme; it found a contribution to reduced deforestation that it could not quantify at fund level and found that the fund did not alter the trend. The fund's own results page records the Legal Amazon deforestation indicator worsening between 2009 and 2020. The CAR-projects estimate of 8,244 km² avoided deforestation is a complementary study cited in the evaluation. The fund's own numbers (projects, organisations, areas supported) are not independent measurements.

Contribution to deforestation reduction
Evident but not quantified at fund level
Mid-term evaluation (2019); deforestation would have been "even more widespread" without the fund Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
Deforestation avoided by CAR projects, Amazon biome, 2014–2018
8,244 km²
Complementary study cited in the evaluation; effect may be only temporary without enforcement Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
Indigenous Lands and conservation units supported
65% of Indigenous Lands and 190 conservation units
Legal Amazon deforestation indicator, 2020 against 2009
49% higher
Amazon Fund results page Amazon Fund (BNDES)

Operation Ongoing · Donor payments halted in August 2019, court-ordered reactivation 3 November 2022, donations recorded to 30 May 2026. Amazon Fund (BNDES)

Findings on record

  • Court or regulator ruling Supremo Tribunal Federal (Federal Supreme Court of Brazil) (2022-11-03) · ADO 59 (PSB et al. v. Brazil); ruling published 2023-08-16 Climate Change Litigation Databases
  • Official audit Independent consultants coordinated by ECLAC, mid-term evaluation (2019-12) · Mid-Term Evaluation Report on the Effectiveness of the Amazon Fund 2008-2018: “without its implementation, deforestation would have been even more widespread” Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC
  • Official audit KfW (German development bank, donor), ex-post evaluation (2016) · KfW ex-post evaluation of the Amazon Fund (summary on the fund's evaluations page): “implements the elements of a REDD+ strategy effectively” Amazon Fund (BNDES)
  • Official audit Norad Evaluation Department (AECOM), synthesis report 8/2017 (2017-10) · Norway's International Climate and Forest Initiative: Lessons learned and recommendations: “major factor in reducing deforestation rates (enforcement)” Norad Evaluation Department

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
No figure published.

Gained elsewhere

Not totalled
Currency: BRL · Window: 2008–2026. All figures cover the same period. * Estimate built from cited figures.

Responses on record

  • Government of Norway (August 2019; January 2023): Norway's Climate and Environment Minister said in August 2019 that Brazil had broken its agreement with Norway and Germany by dissolving the fund's board and technical committee; in January 2023 Norway's minister announced the fund's revival, saying "Brazil's new President has signaled a clear ambition to stop deforestation by 2030". · Al Jazeera
  • Government of Germany (August 2019): Germany suspended 35 million euros for new Environment Ministry projects in August 2019, citing concerns over rising deforestation. · Al Jazeera
  • Government of Brazil (2019 administration) (May 2019; August 2019): President Bolsonaro reacted to Norway's decision with "Isn't Norway that country that kills whales up there in the North Pole?"; the Environment Minister said in May 2019 that the ministry's analysis of about a quarter of the contracts found problems in NGO contracts and that the fund was not being questioned on deforestation results. · Jornal do Brasil
  • Government of Brazil (federal government as defendant) (2020–2022): In ADO 59 the federal government argued that this type of action is not a proper tool for expressing disagreement with government policy. · Climate Change Litigation Databases
  • BNDES (May 2019): No statement on the 2019 freeze is recorded in the Jornal do Brasil report, which carries no BNDES response; the fund's pages describe BNDES as the fund's manager. · Jornal do Brasil

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

  1. 2020–2022Claimant won
    ADO 59 (PSB et al. v. Brazil), Direct Action of Unconstitutionality by Omission on the Amazon Fund
    Supremo Tribunal Federal (Federal Supreme Court) · Administrative · Four political parties → Federal government (the Union)

    The claim was partially granted by a majority following rapporteur Justice Rosa Weber. The court held that the federal government must take the measures needed to reactivate the fund within 60 days and refrain from conduct that would paralyse it, declared the decrees that altered the fund's governance and blocked financing of new projects unconstitutional, and noted an "unconstitutional state of affairs" in the Legal Amazon. The ruling was published on 16 August 2023. Conectas reported a majority formed on 27 October 2022 with Justice Kassio Nunes voting against. Climate Change Litigation Databases

Insurers

No insurer decision on record.

What nature saw

Outcomes measured on the ground, and nature's note.

Nature's report opens this page. Below: further outcomes measured on the ground.

Projects supported by end of 2018
103
Mid-term evaluation (ECLAC-coordinated), December 2019
Legal Amazon area deforested in 2020 compared with 2009
49% higher
Amazon Fund results page
Average annual deforestation 2010–2020 compared with 2009
4% lower
Amazon Fund results page
Deforestation in federal and state protected areas incl. Indigenous lands, 2009–2019
131% higher
Amazon Fund results page
Deforestation avoided by rural-registry (CAR) projects in the Amazon biome, 2014–2018
8,244 km²
Complementary study cited in the mid-term evaluation; the evaluation warns the effect may be only temporary

What we don't know

Undisclosed, unproven, untried: recorded as data.

Nature

  • Disputed What the fund has done for deforestation

Accounts

  • Disputed Why donor payments stopped in 2019
  • Disputed Whether the government's paralysis of the fund was lawful
  • Disputed Money received versus money spent

Record

  • None on record None on record: findings of the fund's annual financial statements and compliance audit reports for 2010 to 2025; the audits page lists them without findings.
  • Disputed Disputed: the total of Norway's donations. The donations page gives NOK 8,889,495,999.97 in its table and NOK 9,424,027,220.49 in its text; the Norad 2017 table gives NOK 8,229,480,000 disbursed to the fund by the end of 2016.
  • Disputed Disputed: the amount held during the freeze. Conectas gave about R$ 1.5 billion blocked at the start and R$ 3.3 billion by the time of the ruling; Reuters gave about 3.4 billion reais in January 2023.
  • Unclear Unclear: the date of the amount on the fund's home page (154 projects; 632 USD in millions disbursed); the page carries no as-of date.
  • None on record None on record: an official finding on the 2019 allegations about NGO contracts; the ministry's analysis covered about a quarter of contracts, the entities analysed were not named, and the CGU said it had run no audit tests on them.
  • Insufficient Insufficient: the mid-term evaluation covers 2008–2018; the sources reviewed do not include an independent evaluation of the fund after the 2023 restart.

Did the harm stop?

The fund's own results page records deforestation in the Legal Amazon in 2020 as 49% above the 2009 rate; Brazil's Environment Ministry said deforestation fell 49.9% in 2023 compared with 2022. The sources reviewed do not report a stopping point.

Who paid?

Donor governments and Petrobras paid in: Norway BRL 3,804,376,093.74, United Kingdom BRL 555,026,894.76, Germany BRL 387,859,396.00, United States BRL 291,382,003.20, Denmark BRL 84,741,838.56, Switzerland BRL 38,214,896.59, Ireland BRL 31,529,500.00, European Union BRL 30,510,045.00, Petrobras BRL 17,285,079.13 and Japan BRL 14,943,000.00 (nominal, as of 30 May 2026). The mid-term evaluation records that 3% of donations is intended for operating costs.

Sources

Voices on record: — Company or project✓ Government and regulators— Courts✓ Press and investigations✓ Communities and civil society✓ Researchers✓ International bodies

Government and regulators

  1. Amazon Fund: Donations
    Amazon Fund (BNDES) · 2026-05-30
  2. Amazon Fund
    Amazon Fund (BNDES) · undated
  3. Amazon Fund: Independent evaluations
    Amazon Fund (BNDES) · undated
  4. Amazon Fund: Results and impacts
    Amazon Fund (BNDES) · undated
  5. Amazon Fund in numbers
    Amazon Fund (BNDES) · undated
  6. Amazon Fund: Audits
    Amazon Fund (BNDES) · undated

Researchers

  1. PSB et al. v. Brazil (on Amazon Fund)
    Climate Change Litigation Databases · undated

International bodies

  1. Mid-Term Evaluation Report on the Effectiveness of the Amazon Fund 2008-2018 (consultants coordinated by ECLAC)
    Amazon Fund (BNDES), independent consultants with technical coordination by ECLAC · 2019-12

Connected cases

Related matters, and cases linked to this one through the same organisations, with the role each played in both.

Carbon and conservation finance

REDD+
Reducing Emissions from Deforestation and forest Degradation. A UN framework under which forest projects earn carbon credits for deforestation they say they prevented, measured against a projected baseline.
Standard-setter and registry
An organisation that writes the rules for carbon credits, approves projects, and records when credits are issued and retired. Such bodies typically charge fees per credit.

Insurance

Premium
The price paid for an insurance policy.

Science and environment

Biomass, root-to-shoot ratio, carbon fraction
Biomass is the dry weight of living plants per hectare. The root-to-shoot ratio adds the weight of roots. The carbon fraction is the share of that weight that is carbon, about 47% in tropical forests.