A study says Brazil needs US$200 billion to hit its 2030 climate goals
A study says Brazil needs US$200 billion to hit its 2030 climate goals. Most of this money should go to farming and energy, according to a report by consulting firm Oliver Wyman.
Energy projects include wind and solar parks, better energy storage, and more efficient power use.
The rest of the money will go into bioenergy, green hydrogen, and cars. Guilherme Xavier from the study’s firm says both public and private sectors must help.
Currently, Brazil expects to get only half of the US$200 billion needed.
Xavier suggests Brazil should follow the EU’s Green Deal and the U.S. Inflation Reduction Act.
He says no single bank can fund this alone. Big banks can help find and start new green projects.
Some of the US$200 billion could come from these green projects’ profits.
The study praises Brazil’s current efforts like the Amazon Fund. But it also warns Brazil faces big challenges ahead.
The country aims to cut greenhouse gases by 37% by 2025 and 50% by 2030. The ultimate goal is to have zero carbon emissions by 2050.
The need for this massive funding comes at a critical time. Due to its large rainforests, Brazil is a key player in global climate change.
Deforestation in the Amazon has been a growing concern. Brazil’s role in managing its forests affects the world’s carbon balance.
Meeting these climate goals could put Brazil at the forefront of global sustainability efforts.
Oliver Wyman is a U.S. consulting firm founded in New York in 1984. Alex Oliver and Bill Wyman started it.
The firm has over 60 offices and employs more than 5,000 people. It’s active in Europe, North America, the Middle East, and Asia-Pacific.
The company is a part of the Oliver Wyman Group, which belongs to Marsh McLennan.
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