China has backed a landmark rainforest protection fund launched by Brazil at the Cop30 climate summit on Thursday but is not expected to announce any financial contribution during the event, Brazil’s finance minister said at a press conference.

The launch of the Tropical Forests Forever Facility is one of the main outcomes of this year’s UN climate conference so far. It is a multilateral mechanism designed to reward tropical nations for keeping their forests standing rather than clearing them.

Operating as a permanent endowment, the fund will combine public and private investment to generate returns that finance annual payments to forest countries, turning conservation into an asset class rather than a charitable cause.

Finance Minister Fernando Haddad said Brazil expects to complete a first round of investments by 2026, raising at least US$10 billion from national governments. The fund is expected to begin operating once it reaches US$25 billion in public contributions and US$100 billion from private investors.

So far, Brazil, Indonesia, France and Norway have pledged a combined total of about US$5.57 billion. Germany is also expected to confirm its contribution on Friday, when Chancellor Friedrich Merz meets President Luiz Inacio Lula da Silva for bilateral talks.