Brazil's Mines and Energy Minister wants commodity giants Petrobras and Vale to spearhead the energy transition domestically.
Brazil is calling on wealthy nations to pay for the world’s transition to sustainable energy as these countries need bolder commitments to make up for their reliance on polluting power sources.
Brazil’s government has been a vocal advocate of having developed nations follow through on their climate financing pledges, which fall short of the trillions of dollars needed to actually prevent global temperatures from rising more than 1.5 degrees Celsius . Brazil can “demand respect from industrialized countries” who will increasingly depend on Latin America’s largest economy for biofuels and green hydrogen, he said. “It’s clear to everyone that green hydrogen, as a decarbonized source of energy in developed nations, will come from countries in the Global South. Brazil comes out ahead on this agenda.”
While the Brazilian government has pushed for the climate agenda globally, it also seeks to increase oil production at home. State-controlled oil company Petrobras will keep increasing fossil fuel output for decades to come. The country’s output is set to reach a record this year and will keep growing until 2030.
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