U.S. Treasury Secretary highlights Amazon protection for Brazil’s entry into OECD

RIO DE JANEIRO, BRAZIL – The U.S. Treasury Secretary Janet L. Yellen signaled the importance of initiatives to protect the Amazon when she spoke with the Minister of Economy, Paulo Guedes, about the country’s negotiations to join the Organization for Economic Cooperation and Development (OECD).

The Treasury Department released a short note about the phone conversation in Washington. It reports that Yellen expressed to Guedes the U.S. support “for the OECD’s decision to invite Brazil to formally begin the accession process.”

The note adds that the secretary “discussed the importance of initiatives to address Brazil’s challenges in protecting the Amazon Basin, including market-based solutions.” Yellen “noted that she looks forward to continued bilateral cooperation on climate change and infrastructure,” according to the statement.

According to sources, the mention of market solutions in the protection of the Amazon refers to the carbon market, the development of instruments to attract institutional funds, and private investors.

Asked by Valor about any bilateral project in sight, the Secretary of International Affairs of the Ministry of Economy, Erivaldo Gomes, replied that Brasilia and Washington are working on it.

“Both the Americans and we want tangible results. We don’t want just another document to hang on the shelf,” he declared.

In late October, on the sidelines of the G20 summit in Rome, the U.S. Treasury Secretary and the Brazilian Economy Minister had already met in person, when they agreed to work “closer” on global and bilateral issues, including those related to the environment.

Last week, in the letter inviting Brazil to start negotiations to join the entity, the OECD outlined conditions for Brazil and five other countries to become members, such as effective protection of the environment and action on climate, including halting deforestation and fighting corruption.