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US obstructed World Bank role in Brazil forest fund, Norway doubled down on USD 3b pledge

News November 28, 2025 / By: Ann Danaiya Usher

Days before COP30, the World Bank board rejected a request to act as Treasury Manager for Brazil’s flagship Tropical Forest Forever Facility (TFFF), after strong US resistance, and the fund saw its potential Triple A credit rating implode. A confidential report by Pareto Securities which advised Norway’s Climate ministry on the financial realism of the fund viewed AAA rating and a wider World Bank role as crucial for its success. Despite this, Norway pledged USD 3 billion to TFFF.

Lula Banja COP30 photo by Fernando Donasci - MMA cropped.jpeg — Brave face. On October 21, 2025, the World Bank board decided that the bank will not be Treasury Manager of TFIF. This photo of President Lula da Silva and World Bank President Ajay Banga accompanied a press release the same day issued by the Brazilian COP Presidency. It was taken at an event where TFFF was discussed at UN headquarters in New York in September. (Photo by Fernando Donasci / MMA)

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US obstructed World Bank role in Brazil forest fund, Norway doubled down on USD 3b pledge

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