CALGARY — Ottawa is spending more than half a billion dollars on a Brazilian-led tropical forest fund, with Prime Minister Mark Carney announcing an initial contribution of up to $560 million during an overseas trip focused on expanding trade.The Canadian Press reported a $540-million commitment following Carney’s meeting with Brazilian President Luiz Inácio Lula da Silva at the Association of Southeast Asian Nations summit in Manila on Sunday. The funding will support the Tropical Forests Forever Facility, which aims to protect tropical forests, preserve biodiversity and combat climate change..The contribution comes from a $6-billion international climate finance commitment Ottawa announced this spring.The initiative seeks to attract public and private financing while supporting communities that depend on tropical forest ecosystems.Speaking through an interpreter, Lula said the contributions were intended to generate a profit rather than serve as “donations, money for free.”The Prime Minister’s Office said Carney praised Lula’s leadership on climate policies and reaffirmed Canada’s commitment to working with Brazil on environmental initiatives.The two leaders also discussed expanding trade and cooperation on critical minerals, energy and defence. .Ottawa spends $43M on health care for rejected asylum claimants sparking backlash .Brazil is Canada’s largest trading partner in South America, with two-way merchandise trade reaching $14.7 billion last year, according to an official statement.The announcement came during Carney’s one-night visit to the Philippines, where he also announced the conclusion of free-trade negotiations with the country.Ottawa is pursuing a broader trade agreement with ASEAN, an 11-country bloc, alongside agreements with individual member countries.Trade Minister Maninder Sidhu said the region represents 700 million consumers and an economy valued at $6 trillion.“What Canada presents is certainty to the world,” Sidhu told reporters in Manila.
