Carbon market should generate US$10 billion a year for Brazil, says minister

RIO DE JANEIRO, BRAZIL – The Minister of the Environment, Joaquim Leite, said on Monday (22) that the new global carbon market should generate around US$50 billion a year, and the government estimates that US$10 billion will be destined for the carbon credits that Brazil will export.

In an interview with the program A Voz do Brasil, Leite evaluated that the country was a protagonist in the negotiations during the 26th Conference on Climate Change (COP26) in Glasgow. He referred to the goal of achieving carbon neutrality by 2050 as the greatest ambition presented by the developing countries of the G-20.

“Brazil played a vital role, especially in the agreement that created the global carbon market. Brazil acted constructively and proactively. We articulated when necessary, pressured the countries that wanted to block the negotiation and, at the same time, clarified positive points for other countries.”

Also, according to the minister, Brazil held, in Glasgow, a total of 24 meetings with countries such as the United States, China, Switzerland, Paraguay, Uruguay, and Argentina, besides members of the European Union. For Leite, the rounds demonstrate what he calls the Brazilian protagonism in climate negotiation.

“We started to stir the chessboard of multilateral negotiation of all the countries – there are practically 200 countries – that had to approve this text at the end of the conference. We achieved this goal. That was the goal, and we managed to create the global carbon market. Brazil will be a carbon exporter to the world”, he concluded.

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