The Inter-American Development Bank and Brazilian public banks BNDES, Banco do Brasil, and Caixa Economica Federal announced on Thursday they will jointly develop an exchange-traded fund (ETF) focused on sustainable investments in the Amazon rainforest.

The proposal, first reported by Reuters on Wednesday, aims to launch the ETF in capital markets before the COP30 climate conference in the Brazilian city of Belem next year, said IDB President Ilan Goldfajn, speaking on the sidelines of a gathering of G20 finance leaders in Rio de Janeiro.