PHASE 3

PHASE 3:
PROJECT IMPLEMENTATION:
Prepared by Greenwood Management ApS

© Greenwood Management ApS Omøgade 8, 2nd Floor, 2100 Copenhagen Ø, Denmark. CVR No 31 62 93 73

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TABLE OF CONTENTS

I. EXECUTIVE SUMMARY .......................................................................................................... 3 II. SITE CLEARING .................................................................................................................... 4 III. SOIL CORRECTION .............................................................................................................. 8 IV. SEEDLING ACCLIMATIZATION ............................................................................................ 10 V. PLANTING............................................................................................................................... 12 VI. MARKET CONDITIONS FOR THE PROJECT ....................................................................... 16 VII. APPENDIX I- COPENHAGEN CLIMATE CHANGE SUMMIT ................................................... 19

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EXECUTIVE SUMMARY
We are pleased to have the opportunity to update our clients on the progress of the Phase Three Implementation stage which took place during 2009. The final planning and the progression of the planting of the project occurred in November 2009 through to January 2010. The site preparation required the development of the sites to an agricultural condition; any existing scrub was cleared firstly by tractor work before a disc could be used. Soil conditions were then treated to reduce acidity and to bring the sites under the correct fertilization regime to a level that allowed the successful establishment of the eucalyptus tree farms. Limestone, gypsum, and rock phosphate were all used to correct the soil. In summary, the conclusions drawn were that the project was progressing in a timely and efficient manner. No problems have been reported and it is believed that the eucalyptus tree farms establishment have been successful in every aspect of its development to date. The long-term outlook therefore remains very positive. In accordance with our planning processes, the environment for the program will be monitored closely over the following two years. Once again, during this period Annual reports will be compiled and submitted, detailing the further progress of the projects. In due course, the reports will be made available to our clients involved in the 2009-2010 projects. The sites prepared for planting in 2009 through to 2010 consisted of Fazenda Vale do Buriti, and Fazenda Barrinhas. The combined areas within these two sites totals 944 ( nine hundred and forty four ) hectares.

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SITE CLEARING
The first wave of the site preparation commenced on the 1 November 2009, and progressed with the clearing of the existing debris and any remaining vegetation on the project area. The work required was thus – Removal and suppression of debris and existing vegetation.  The time taken for the first wave of site preparation consisted of two days; the machinery required included two tractors tracing a chain. This was operated with three labourers. The total time taken for this part of the site preparation therefore consisted of six man days, and four tractor days. On Fazenda Vale do Buriti, it was expected that there would be more vegetation and debris to clear than on both Fazenda Passagem de Pedra II and Fazenda Passagem de Pedra III, although it was also understood that the vegetation on Fazenda Vale do Buriti would also be light. The removal of the debris consisted of three days, the use of one tractor and three labourers totaling nine man days and three tractor days. At this point Greenwood personnel removed the lighter vegetation, leaving any larger woody mass or trees to be removed by chainsaw work. The pulling of the heavier vegetation and trees consisted of one and a half days labour, the use of two tractors and three labourers. This totaled four and a half man days and three tractor days. The cutting of existing large woody mass consisted of a total of five and a half days, one labourer and a chainsaw. The total time spent on this part of the preparation therefore amounted to five and a half man days and five and a half chainsaw days. At this point any existing heavier vegetation was removed. The removal of the remaining debris then took a total of two days and one labourer equating to two man days. The total time for the completion of this part of the project therefore took twenty seven man days, ten tractor days, and five and a half chainsaw days.
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SITE CLEARING

Picture 1: Above shows access roads leading into one of the sites (left side is the site) taken in August 2008.

Picture 2: Above shows the Fazenda Vale do Buriti site before development, taken in August 2008.

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SITE CLEARING N

Picture 3: Above shows Fazenda Vale do Buriti before development, taken in August 2008.

Picture 4: Above shows the clearing of the site and the piling of woody debris, taken November 2009

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SITE CLEARING

Picture 5: Above shows the clearing of Fazenda Vale do Buriti although some large trees were yet to be salvaged. November 2009.

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SOIL CORRECTION
Introduction: Fertilization Brazil's tropical soils produce 70 million tons of grain crops per year however this output is attributed more to their extension than their fertility. Soils are generally high in acidity and aluminum content. This has historically led agricultural techniques to be based on “slash and burn” and explains the westward direction of the agricultural frontier. For the project to progress effectively, soils had to be corrected with a number of naturally found rock nutrients which were placed back into the soil. Some of these nutrients, when added, will remain in the soil turning the site into a productive agricultural area. After the site clearing had been fulfilled, the next stage for the 2009-2010 projects was to fertilize and prepare the soil for planting. This was an important part of the project as if too much or too little soil correction was applied, the soil would not be corrected to the right level. Nutrients required for the soil to become fertile enough for planting would include natural rock elements. The nutrients required for the site correction will consist of limestone, gypsum, and rock phosphate. Additionally 200g of NPK will be required per tree. The trees will be mechanically planted at a spacing equating to 1,660 trees per hectare. All of these nutrients are naturally occurring, a brief description below details there attributes.  Limestone: These rocks belong to the group of sedimentary rocks known as chemical sediments. They are formed in a marine environment from the precipitation of calcium carbonate. Limestone commonly occurs and is utilized for reducing acidity. Gypsum: Again one of the more common minerals in sedimentary environments. It is a major rock forming mineral that produces massive beds, usually from precipitation out of highly saline waters. Since it forms easily from saline water, gypsum can have many inclusions of other minerals and even trapped bubbles of air and water. In the late eighteenth and early nineteenth century, Nova Scotia gypsum, often referred to as plaster, was a highly sought fertilizer for wheat fields in the United States. It is also used in ameliorating sodic soils. Rock Phosphate: Phosphate rock is used for its phosphorus content and is a very important piece of the DNA and RNA molecules of which all life is formed. It is also important for the development of teeth and bones. Phosphorus is so important to life, that there is no substitute for it in agriculture as a fertilizer. NPK: This is a mixture of Nitrogen, Phosphorus, and Potassium. Nitrogen is used by the plant to produce leafy growth and formation of stems and branches. Phosphorus is essential for seed germination and root development. Potassium has the chemical symbol K from its Latin name kalium. It promotes flower and fruit production and is vital for maintaining growth and helping plants resist disease.

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SOIL CORRECTION

Picture 6: Above shows the delivery of limestone at the entrance of the site Fazenda Vale do Buriti. November 2009

Picture 7: Above shows the truck containing limestone delivering at Fazenda Vale do Buriti, November 2009

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SEEDLING ACLIMATIZATION
Micro-propagated plants are usually cultured in in-vitro environments, with a high relative humidity and low light intensity, taking nutrients and energy from the culture medium. During acclimatization, physiological and structural changes allow micro-propagated plants to adapt to the new environmental conditions, mainly to low relative humidity and high light intensity. As a result, plants become autotrophic and develop as normal plants. The seedlings purchased from the supplier therefore were moved from a darker environment under intensive irrigation before moving into the open light to acclimatize. They were then transplanted to the site. Even though great care is taken with the seedlings to obtain high success rates, a replant will be required after the first wave of planting to restock any failed plantings (generally in the region of ten per cent). Seedlings that are used in the second wave of planting will be approximately the same age as the seedlings planted in the first wave. This way the planation will achieve uniformed growth.

Picture 8: Greenwood Management site seedlings under cover. Taken in October 2009.

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SEEDLING ACLIMATIZATION

Picture 9: Seedlings acclimatizing. Taken in October 2009.

Picture 10: Seedlings acclimatizing. Taken in October 2009.

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PLANTING
As has been discussed, tree planting occurred from early December 2009 through to January 2010. Following extensive research into the optimum spacing regimes in the region, it was decided that although a number of different planting regimes are recommended, the optimum spacing should be in uniformed three meters x two meters rows. This spacing regime will bring the number of seedlings per hectare to be a total of approximately 1,660 (one thousand six hundred and sixty) stems per hectare. This delivers maximum timber production without sacrificing wood quality. Planting occurred without incidence and was deemed to be a success; by March 2010 an inspection of the planted area showed that the seedlings transplanted were showing signs of vigorous growth the effective growth of the seedlings was also commented on by members of Greenwood Management’s Brazilian team and in general the planting it was agreed had exceeded expectations.

Picture 11: Shows transplanted seedlings in March 2010

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MARKET CONDITIONS FOR THE PROJECT
The projects assumptions have been based upon a number of factors. The primary factor being the market for charcoal in Minas Gerais. Although secondary markets already exist in the region, the project will focus on the promotion and development of additional secondary markets in the area. It is felt that, through the development of the projects, additional markets will also develop that will support the movement of other end users into the area, thus creating additional options for the success of the projects. There have been a number of success stories for the project this year and strategic alliances have already been arranged. It has been confirmed that facilities are to be developed in the area for the production of bio-coal tablets and this in turn is expected to offer the project additional focus. A letter of intent is in place between Greenwood Management ApS and the company of the developing bio-coal facility. Several multinational pig iron and steel producers have also initiated plans to invest significant capital sums into the establishment of new iron and steel plant in Minas Gerais. The expectation is that steel production in these plants will be based on charcoal from planted forestry. By 2016, the plants are forecast to be in situ, and fully operational. Feedstock for this commencement date ( 2016) needs to have been already been planted. The projected assumptions used by the project regarding the price of timber were initially based on R$55.10 per cubic meter (MDC) and accounted for a price adjustment of 3.3% to account for the power of time, leading to a projected value at harvest of between R$66.95 and R$71.44 per cubic meter. Through an independent study performed by LEF at time of print prices offered by Galvani one of the three largest wood for energy consumers in the area showed the most recent bid price offered set at R$78.00 per cubic meter of timber, as shown in the table below.

Although a number of issues did arise in 2009 as a result of the shockwaves felt from the global recession (it is expected that markets may well continue to suffer over the next couple of years), however it is not expected to change the course of the project over the long term. It was also noted that the average price of charcoal in Minas Gerais (the target market for the project) remained above R$70 per cubic meter (MDC) and ended at above R$130 per cubic meter (MDC) by December 2009.

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MARKET CONDITIONS FOR THE PROJECT

Picture 9: Shows the historic price of charcoal over the period 2008-2009 in the Minas Gerais region as reported by AMS.

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MARKET CONDITIONS FOR THE PROJECT
An announcement on the 4 December by the Brazilian government stated “Green steel for the Brazilian steel industry Considered as an environmental villain, the steel industry may become an ally of the Federal Government in the challenge to reduce Brazil’s emission of greenhouse gases. The proposal presented by the Ministry of Environment aims to produce the “green steel”, which uses charcoal from afforested areas, instead of coal, to produce the pig iron (steel with impurity). As a result of the Brazilian proposal, the iron and steel industries will commit to use only charcoal in their high temperature furnaces. Another point of the proposal conceives that the reposition of the timber used in the charcoal should be of 100% e will only involve exotic species like eucalyptus. This will ensure the preservation of the native vegetation. It is worth mentioning that one ton of pig iron produced from coal emits 1.9 tons of CO2, while the production of 1 ton of green steel removes 1.1 ton of gas from the atmosphere. The news is good and specialists from the sector believe that, in the near future, the green steel will help the Brazilian steel industry to distinguish from its competitors abroad.” http://www.cop15brasil.gov.br/en-US/?page=noticias/green-steel-for-the-brazilian-steel-industry The original proposal comes from the commitments of Brazilian president Luiz Inacio Lula da Silva at the Copenhagen climate change summit. A translated copy of the transcript can be found in appendix I
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COMPANY ANNOUNCEMENTS
On December 20 2009 Greenwood Management ApS made the following announcement "Brazilian Government confirms its commitment to eucalyptus grown charcoal" December 20, 2009 Greenwood Management ApS, a multinational forestry company headquartered in Copenhagen, notes the publication of the Brazilian Government’s commitment to use charcoal as a replacement for imported coking coal to produce an environmentally sustainable, iron and steel. It was also notable that the Government’s commitment, announced by its President Lula da Silva, would be taken into the Brazilian legal framework. Brazils stance on energy imports, together with its climate change commitments announced at the COP15, Copenhagen climate talks, would lead to an substantially increased demand for eucalyptus grown charcoal. A spokesperson on behalf of Greenwood Management commented: "This is a pivotal announcement from The Brazilian Government. Many of our early clients will recall that in 2008 Greenwood Management had predicted that the need for charcoal as a replacement for imported coking coal would increase, as a result of international pressure regarding the use of imported, heavy carbon, coking coal. Brazil has shown itself to be a world leader in environmental issues and bio energy technologies. As a result of Greenwood Managements extensive research into innovative projects such as our Brazilian eucalyptus, we are ideally positioned within the industry, the benefits of which we hope to share with our valued investors." http://www.cop15brasil.gov.br/en-US/?page=noticias/green-steel-for-the-brazilian-steel-industry "Considered as an environmental villain, the steel industry may become an ally of the Federal Government in the challenge to reduce Brazil's emission of greenhouse gases. The proposal presented by the Ministry of Environment aims to produce the "green steel", which uses charcoal from afforested areas, instead of coal, to produce the pig iron (steel with impurity). As a result of the Brazilian proposal, the iron and steel industries will commit to use only charcoal in their high temperature furnaces. Another point of the proposal conceives that the reposition of the timber used in the charcoal should be of 100% e will only involve exotic species like eucalyptus. This will ensure the preservation of the native vegetation. It is worth mentioning that one ton of pig iron produced from coal emits 1.9 tons of CO2, while the production of 1 ton of green steel removes 1.1 ton of gas from the atmosphere. The news is good and specialists from the sector believe that, in the near future, the green steel will help the Brazilian steel industry to distinguish from its competitors abroad." On February 23 2010 Greenwood Management ApS made the following announcement February 23, 2010 Greenwood Management ApS, a multinational forestry company headquartered in Copenhagen, investing in forestry and timber-related assets on a global basis today February 23-2010 issues its Interim Management Statement. Greenwood Management continues to implement its investment programs and has built the essential
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COMPANY ANNOUNCEMENTS
in-country infrastructure required to do so. Greenwood Managements pipeline of investment opportunities is strengthening and, following a 3 month strategic review involving a number of feasibility studies, it has been decided to pursue the acquisition of up to ten thousand additional hectares of land in Bahia, Brazil this year for the continued progression of the 2010 Eucalyptus projects. This Interim Management Statement has been produced solely to provide additional information to investors of the Company, it should not be relied upon by any other party for any other purpose.

On March 23 2010 Greenwood Management ApS made the following announcement

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March 23, 2010 Greenwood Management ApS, a multinational forestry company headquartered in Copenhagen, notes the recent statements on March 16th 2010, from the Brazilian Minister of the Environment, Mr Carlos Miinc when speaking about the Brazilian government's desire to reduce deforestation within the "Cerrado" region of Brazil. The Brazilian Environment Minister, announced that his government would encourage and support efforts by companies to use charcoal not made from native forestry. The Minister added that from 2013, when the "Action Plan for Prevention and Control of Deforestation" comes into effect, Brazilian companies will not be allowed to buy charcoal made from native trees from the Cerrado eco-system Mr Minc stated, "Let's open lines of government funding for the planting of commercial forests ... and, moreover, reduce tax on charcoal that comes from forest planted for use as firewood and charcoal." Greenwood Management strongly support this bold move by the Environment Minister, and believes the "Action Plan for Prevention and Control of Deforestation" will bring significant benefits to this vitally important ecosystem. Greenwood Management further believes that the long term implications for those companies which have already invested in managed forestry plantations for the production of charcoal, outside of the "Cerrado" , are extremely positive.

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COMPANY ANNOUNCEMENTS
On April 29th 2010 Greenwood Management ApS made the following announcement Minas Gerais, Brazil - Charcoal Demand in 2016 April 29, 2010 Greenwood Management ApS, a multinational forestry company headquartered in Copenhagen with forestry investment projects in Brazil and Canada, notes the statistical report of April 27th 2010, produced by 'ABRAF', the Association of Brazilian Planted Forest Producers. Within the report is a growth prediction and reference to the forthcoming multinational investment into the iron and steel industry in Minas Gerais, Brazil, which will be entirely reliant on charcoal produced from planted forestry such as eucalyptus. The Report states: "It is noteworthy to mention that a new investment of iron and steel industry in Minas Gerais is under way, resulting from a partnership of multinational corporations, to build manufacturing plant of seamless tubes, based exclusively on charcoal consumption from planted forests, with production to be started in 2016." Greenwood Management believe that a growing body of evidence is being established to enable investors to witness how our projects are strategically aligned to future charcoal demands. The arrival of these new multinational investments in iron and steel production will coincide with our eucalyptus harvests, scheduled for 2015 and beyond. As a result of the timing of our investment into the region of Minas Gerais in 2009/2010, both in terms of currency (Euro/Real ) values and land prices, together with our extensive research into forestry trends in 2008, we are confident that our investors will be able to realise significant rewards from our forestry operations in Minas Gerais, Brazil. Full details of the report can be found here: http://www.abraflor.org.br/estatisticas/ABRAF10-EN/controle.html

(Quotation from chapter 2, page 12)

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APPENDIX I – COPENHAGEN CLIMATE CHANGE COMMITMENT

Transcript of President Lula's address in Copenhagen
COP15 Joint High-Level Segment of COP/CMP National Statements Official Translation: Address of President Luiz Inácio Lula da Silva President of the Federative Republic of Brazil Friday, December 17, 2009 Copenhagen Mr. Chairman, Mr. Secretary General, Ladies and Gentlemen Heads of State, Ladies and Gentlemen Heads of Government, Dear Friends, I should say very bluntly to all of you that I am a little bit frustrated. Why so? Because for a long time, we have been discussing the climate change issue, and more and more, we see that the problem is even more severe than we could have ever imagined. In thinking to give a contribution to this discussion in this conference, Brazil has taken a position that I should say was a very bold one. We have presented our targets for the year 2020, we have assumed a commitment, and we have passed a bill in our national congress, stating that Brazil by 2020 will reduce its greenhouse gas emissions by a range from 36.1% up to 38.9% based on some things that we consider are truly important: Changes in the Brazilian agriculture system; We will have to make changes in the Brazilian steel industry; We will have to make changes and improve our energy matrix that is already one of the cleanest energy matrices of the world; and we have also made the commitment to reduce the deforestation of the Amazon rainforest by 80% by the year 2020. We did that, building on an economic structure that would oblige a developing country that faces many economic difficulties like ours to spend US$ 166 billion by 2020, which is the equivalent of US$ 16 billion per year. It’s not an easy task. But it was necessary to take these measures to show the rest of the world that just through words and bargaining, we would not find a solution at the Copenhagen conference. I had the pleasure to participate last night till two o’clock in the morning in a meeting where, sincerely, I should say I did not expect that I would be participating in because it was a meeting in which many heads of state were there. Very prominent figures of the political world were in that meeting, but once again sincerely to submit heads of state to certain kinds of discussions as the one we had last night for a long time, I haven’t seen such a meeting. I was in a meeting yesterday, and I was remembering my times as a trade union leader when I was at the bargaining table with the business representatives. Why did we face all these difficulties? Because we did not take care in advance to work with the responsibility that was required of us. The issue is not only the money. Some people think that only money would solve the problems. It did not solve the problems in the past, it will not solve the problems in the present, and even less it will solve the problems in the future.

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APPENDIX I – COPENHAGEN CLIMATE CHANGE COMMITMENT
Money is important, and the less developed countries need this money to keep their development going, to preserve their environments, to take care of their forests, that’s true. But it is also important that we, the developing countries and the rich countries, when we think in terms of money, we should not think that someone is paying us a favor. Let’s not think that they are giving something to us that we are begging for. The money that will be put on the table is the payment of greenhouse gas emissions that were made over two centuries because they had the privilege of those countries that industrialized themselves first. So, it is not a bargain between the countries that have the money and the countries that do not have the money, it’s a much more serious commitment that we are discussing here. It’s a commitment to see if it’s true or not what the scientists are saying that global warming is not reversible. Those that have better resources and more abilities should guarantee to give a contribution to protect those that are more in need. Everybody agreed that we needed to guarantee the two degrees Celsius of global warming as a cap till 2020. Everybody agrees to two degrees. Everybody also acknowledges that it is only possible to build this agreement if the countries take their targets with great responsibility. And even on those targets that should be simpler to decide on, there are a lot of people that want to bargain on them. All of us could offer a little bit more if we had assumed there would be goodwill in these times. We all knew that it was necessary to keep the targets commitment and keep the commitments to financing. We knew that in any paper that would be passed here in this conference, we would have to keep the principles that were adopted in the Kyoto protocol and to keep those principles in the Framework Convention because the truth of the matter is that we do have common responsibilities – but differentiated responsibilities. I never forget that when I took office in the year 2003, my commitment was to try to guarantee that each Brazilian could have breakfast in the morning, have lunch and have dinner. For the developed world, three meals is something of the past – something they achieved a long time ago – but for Africa, for Latin America for many Asian countries, this something still for the future. This is linked to the discussions that we are having here because it is not only about discussing climate change, we have to discuss development and opportunities for all countries. I had conversations with important world leaders and I reached the conclusion that it was possible to build a political base that could explain to the rest of the world that we – heads of government and heads of state, experts – are highly responsible people and that we wanted to find a solution. I still believe in that because I am excessively optimistic. But it is necessary for us to play the game not thinking who will be the winners and who will be the losers. It is true that those countries that will contribute funds have the right to demand transparency. They even have the right to demand compliance with the policy that was financed. But it is also true that we need to be very careful with this intervention into the developing and less developed countries. Based on the experience that we have from the past, either from the International Monetary Fund or the World Bank in our countries, it is not advisable that we should continue with those old policies in the 21st century. What we need – and I will say this frankly and publicly as something that I have not said yet in my own country, I have not said even to my team here, that I have not addressed to my congress – if it is necessary for us to make more sacrifices, Brazil is willing to tap money to help other countries. We will do it. We are willing to participate in the financing mechanisms if we reach an agreement on a final proposal from this conference. Now, what we do not agree is that the most important figures on the planet earth sign any kind of document or a paper just to say that we signed a document or a paper. I would love to leave Copenhagen with the most perfect signed document in the world, but if we did not have the conditions to build such a document by now, I don’t know, my dear friend Rasmussen and my dear friend Ban Ki-Moon, if we didn’t manage to draft such a

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APPENDIX I – COPENHAGEN CLIMATE CHANGE COMMITMENT
document I am not sure if some angel or some wise man will come down to this plenary and will put in our minds the intelligence that we lacked up till now. I don’t know if that is going to be possible. I believe – since I believe in God – in miracles. And a miracle can happen, and I want to be a part of that miracle. But in order for this miracle to happen, we need to take into account that we had two working groups working on these two papers and we cannot forget all their work. The two working papers are extremely important. Second, we should draft a political statement that could work as an umbrella statement. We could all do that if we understand at least three issues: First, Kyoto; second, Framework Convention; and third MRV. These papers cannot threaten the individual sovereignty of each country; each country has to have the competence to do its own oversight. And at the same time that the money is being put forward, we have to understand that the less developed countries, such as Brazil, did not come here to bargain. We don’t need foreign money for our targets. We will do it with our own resources. We are willing to take one step further if we manage to solve the problem that will first meet the need for maintaining the development of the developing countries. We stayed one century without growth while others were developing a lot. Now that we are starting to grow, it’s not fair that we go back and make more sacrifices. In Brazil we still have many poor people, in Africa there are still many poor people, in India, China there are many poor people, still. We also understand the role and responsibilities of the more wealthy countries, and that they cannot be the ones that will save us. What we want is only that we can work together, rich and poor, to establish a common ground that will allow us to leave this conference with great pride and to say to the four corners of the world that we are concerned, and to preserve and conserve the future of the planet Earth without the sacrifice of its main species which are the men and women and children that live in this world. Thank you very much, ladies and gentlemen.

December 18, 2009 » Follow the latest news about Brazil in the COP15 on Twitter

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