World leaders attending a climate summit in Brazil launched a fund Thursday to save the world's forests, quickly raking in over $5 billion in pledges to reward tropical countries for not chopping down trees.

The initial government commitments still fall far short of what is needed for the fund to attract the private investment it seeks, but Brazil’s President Luiz Inacio Lula da Silva still described the Tropical Forests Forever Facility (TFFF) as unprecedented.

Ultimately, Brazil -- the fund's political sponsor -- seeks to create a $125 billion facility that would pay out a share of profits to developing countries for every hectare of forest they leave standing.

Private investors would also receive a return from funds invested mainly in emerging market bonds.

"Such a fund, which will

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