The European Union has pledged to almost double its sustainable investment financing in Latin America and the Caribbean, as the bloc seeks to keep pace with China’s rapidly growing influence in the region.
European Commission President Ursula von der Leyen announced during a visit to Brasilia on Monday that the bloc would provide 10 billion euros to green projects as part of its Global Gateway infrastructure plan.
Some of that will be used to invest in the Amazon Basin, which, despite being an important buffer against climate change, has been devastated in recent years by a surge in illegal deforestation.
The EU launched the Global Gateway in late 2021 as a rival to China’s Belt and Road Initiative, a massive foreign policy investment program crucial to Beijing’s geopolitical influence.