Brazil Looks to Capitalize on US Withdrawal from Paris Accord
President Donald Trump's exit from the Paris Agreement has created an opportunity for Brazil to attract billions of dollars in investment in its energy sector, according to the country's Mines and Energy Minister, Alexandre Silveira.
Silveira emphasized Brazil's commitment to the green economy and its belief in multilateralism. He stated that the country aims to "move forward and not backward on the environmental agenda" during COP30 in Belém.
Despite the global shift away from fossil fuels, Silveira believes that investing in fossil fuel expansion is compatible with Brazil's environmental objectives. He argues that the world will continue to rely on oil for the foreseeable future, and that Brazil's oil has lower emissions than the global average.
Brazil's internal conflict over fossil fuels is evident in a deadlock over a drilling license for state-controlled oil producer Petrobras. Despite President Luiz Inacio Lula da Silva's administration's green initiatives, Silveira maintains that Brazil recognizes the continued importance of oil.
He cited President Trump's "drill, baby, drill" policy as evidence of the global demand for oil. Brazil's focus on the oil and gas sector will be highlighted when it hosts the COP climate talks later this year.