Brazil hopes to attract foreign investors interested in green energy during COP27

Brazil hopes to attract foreign investors interested in green energy, generated in a 100 percent renewable way, during the United Nations Climate Change Conference (COP27), which is being held these days in Egypt.

The Brazilian delegation, made up of government and civil society representatives, wants to highlight the country’s role in the fight against climate change and the leadership it can exercise at the world level on environmental issues.

In a radio interview, the Brazilian Minister of the Environment, Joaquim Leite, said that COP27 is a good opportunity to attract foreign investors interested in exploring all the potential Brazil has.

“Brazil has potential in this sector because of its natural and economic characteristics,” said the minister.

According to the official, the main objective at COP27 will be to “bring them the Brazil of green energies”, bring “climate finance, and accelerate all this green economy together with the private sector”.

“What we want is for the private sector to expand a new green economy, neutral in emissions until 2050,” said Leite, for whom the Brazilian energy potential for onshore power generation, with wind, solar, and biomass plants, is 100 GW.

“To understand the size of this potential, Brazil currently produces 180 GW. This is a very expressive volume of renewable and clean energies that we can transform into green hydrogen and green ammonia for export”, commented the minister in reference to these fuels.

Leite also highlighted that among the potentials offered by Brazil, offshore wind farms and wind turbines could be installed in the sea.

“There is a potential of 700 GW. This corresponds to what would be generated by 50 Itaipu power plants. Brazil is the country of green energies and will be able to supply them to the whole world,” he said.

The Itaipu hydroelectric power plant divides Brazil and Paraguay and is a world leader in producing clean and renewable energy.

The head of Brazil’s Environment also explained that the benefits for the country go beyond that and involve a whole supply chain and industries that, by setting up in the national territory, will be able to take advantage of this “green and cheap” energy.

“That is Brazil’s great differential, and this will be the COP of Brazilian green energy,” he said.

Like wind and solar, energy generated from biomass, when generated from garbage from the countryside and/or cities, is also considered renewable.

According to Leite, the Brazilian energy matrix stands out with a renewable rate of 84 percent, much higher than the world average of 27 percent.

Solar and wind panels beat production records in 2022, with 14 GW and 22 GW, respectively.

“Together, these two sources are enough to provide clean energy to more than 40 million Brazilians,” he concluded.