Brazilian Economy Minister: “War launched energy transition ‘a hundred years ahead'”

RIO DE JANEIRO, BRAZIL – The Brazilian Minister of Economy, Paulo Guedes, said that the Russian military operation in Ukraine advanced the discussion about the transition of the energy matrix and the need to increase the food security of countries. “The war launched energy transition one hundred years ahead,” he said.

In participation in the “Global Carbon Market” congress, held by Banco do Brasil and Petrobras, Guedes said that North Americans and Europeans have reinforced in recent conversations the need for production chains to be in “nearshore” close countries and “friendshore” friendly countries, criteria that Brazil would meet. “Brazil is a close and reliable platform,” he added.

Guedes added that Brazil would be one of the largest producers of clean and cheap energy globally. “Brazil will need energy for itself and the world. We will reindustrialize Brazil on top of cheap energy,” he added.

In his speech, the minister said again that Brazil is “condemned to grow” and that the investment rate will reach 20%.

He stressed that inflation reached the highest levels in Europe, the United States, and China. “We face it with resilience,” he added. “We are very confident and sure that we are on the right track.”

With information from Estadão

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