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The European Union has pledged to nearly double its funding for sustainable investment in Latin America and the Caribbean as the bloc seeks to keep pace with China’s rapidly growing presence in the region.
On a visit to Brasilia on Monday, European Commission President Ursula von der Leyen announced that the EU will make €10bn available for green projects as part of its Global Gateway infrastructure initiative.
Part of this will go to investment in the Amazon basin, which – despite being an important buffer against climate change – has been ravaged by increasing levels of illegal deforestation in recent years.
The European Union launched the Global Gateway in late 2021 as a rival to China’s Belt and Road Initiative, a massive foreign policy investment program aimed at Beijing’s geopolitical influence.
