Special report

To succeed, Brazilian tropical forest fund must massively out-perform Norwegian oil fund

News May 22, 2026 / By: Bjørn H Amland

For Brazil’s Tropical Forest Forever Facility (TFFF) to fulfill its purpose, its bond earnings must nearly quadruple those of the Norwegian oil fund over the past decade, an analysis by Development Today shows. Economists doubt this is viable. The Norwegian government is seeking parliamentary authorisation for a NOK 30 billion loan to TFFF which aims to invest USD 125 billion in fixed-income assets, mainly in emerging markets.

Støre Lula.jpg — Norwegian Prime Minister Jonas Gahr Støre (right) with Brazil’s President Luiz Inacio Lula da Silva at COP30 in Belém last year. Norway pledged NOK 30 billion to the Tropical Forest Forever Facility. (Photo: Prime Minister’s Office / Martin Lerberg Fossum)

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