According to Reuters, the proposal is being prepared by the Ministry of Agriculture and Livestock and has already been taken to the President. Lula intends to present the project in Brasília on the 22nd before taking it to COP28.
The project anticipates that producers interested in purchasing or leasing degraded land will be provided with low interest financing in exchange for investment and improvements in food production.
One point of the project is to create a fund coordinated by National Bank for Economic and Social Development (BNDES), which can receive foreign investment to be used in land reclamation. However, how it works will still be discussed.
Since livestock and agriculture are identified as the main emitters of greenhouse gases in Brazil, the federal government believes that recovering degraded areas is an option to reduce the problem.