Brazil has made significant progress in reducing deforestation in recent years while increasing agriculture production. Full implementation of the Forest Code will be the central element in achieving the Nationally Determined Contribution (NDC) Brazil has made in context of the United Nations Framework Convention of Climate Change (UNFCCC). The Forest Code could be achieved while still leaving a theoretical potential for substantial legal clearing of forests. Therefore, Brazil should aim for more ambitious targets for avoided deforestation than simply “zero illegal deforestation.” The overall financing needed to achieve these outcomes amounts to billions of dollars. This will require linking restoration programs with improved agriculture productivity, valuing carbon and other environmental benefits to help finance these efforts, and efficient integration of investment at scale (public and private, international and domestic).