Brazil aims to draw $400 billion in biofuel investments over the next decade, according to Energy and Mining Minister, Alexandre Silveira.
During a meeting in New York, he announced this ambitious goal, emphasizing that biofuel production could help Brazil break free from OPEC’s influence.
Silveira also called on wealthy countries to assist in global efforts to switch to cleaner energy sources.
He stated that developing nations can’t keep up with the green transitions underway in Europe and the United States.
Silveira argued that rich countries, relying on less clean energy, must improve their efforts.
President Lula is expected to echo this message at the upcoming UN General Assembly.
Since his return to power, he has been advocating for more international aid for the Amazon and for climate finance.
Brazil insists that affluent nations fulfill their promises for climate financing.
Silveira added that these countries will increasingly depend on Brazil for green hydrogen production.
Leading Brazilian companies like Petrobras and Vale SA are anticipated to spearhead this national transition to cleaner energy.
Brazil’s Dual Path on Oil and Green Energy
Despite these green initiatives, Brazil also plans to increase its oil production. Petrobras, a state-controlled firm, aims to continue ramping up its fossil fuel outputs.
Records show that Brazil’s oil production will likely reach an all-time high this year, and will keep rising until 2030.
New drilling ventures in Brazil’s ecologically sensitive areas are in planning stages, causing some environmental activists to protest.
Silveira defended these projects, stating they are essential to finance Brazil’s shift to greener energy.
The government acknowledges that such a significant transition requires proper financial backing, public exposure, and resources.