section_path: Conservation and climate change/Possibility of forest-friendly economy
section_name: Possibility of forest-friendly economy
paragraph_text: Possibility of forest-friendly economy
  
  In 2023 the World Bank, published a report named: "A Balancing Act for Brazil's Amazonian States: An Economic Memorandum". The report stating that economic losses due to deforestation in Brazil could reach around 317 billion dollars per year, approximately 7 times higher in comparison to the cost of all commodities produced through deforestation, proposed non-deforestation based economic program in the region of the Amazon rainforest.
  
  Silvopasture (integrating trees, forage and grazing) can help to stop deforestation in the region.
  
  According to WWF, ecotourism could help the Amazon to reduce deforestation and climate change. Ecotourism is currently still little practiced in the Amazon, partly due to lack of information about places where implementation is possible. Ecotourism is a sector that can also be taken up by the Indigenous community in the Amazon as a source of income and revenue. An ecotourism project in the Brazilian section of the rainforest had been under consideration by Brazil's State Secretary for the Environment and Sustainable Development in 2009, along the Aripuanã River, in the Aripuanã Sustainable Development Reserve. Also, some community-based ecotourism exists in the Mamirauá Sustainable Development Reserve. Ecotourism is also practiced in the Peruvian section of the rainforest. A few ecolodges are for instance present between Cusco and Madre de Dios.
  
  In May 2023 Brazil's bank federation decided to implement a new sustainability standard demanding from meatpackers to ensure their meat is not coming from illegally deforested area. Credits will not be given to those who will not meet the new standards. The decision came after the European Union decides to implement regulations to stop deforestation. Brazil beef exporters, said the standard is not just because it is not applied to land owners. 21 banks representing 81% of the credit market in Brazil agree to follow those rules.
  
  According to a statement of the Colombian government deforestation rates in the Colombian Amazon fell by 70% in the first 9 months of 2023 compared to the same period in the previous year, what can be attributed to the conservation policies of the government. One of them is paying local residents for conserving the forest.