Minister: Carbon market to bring in $10 bi a year for Brazil

Some $50 billion should circulate in the global market, he added

Published in 23/11/2021 - 11:40 By Agência Brasil - Brasília

Brazil’s Environment Minister Joaquim Leite said that the new global market for carbon should circulate approximately $50 billion a year, with some $10 billion be directed at carbon to be exported by the country, as per government estimates.

Leite argued that the country played a central role in negotiations at the 26th Climate Change Conference (COP26) in Glasgow, which set as a target to reach carbon neutrality by 2050. This, the minister noted, was the highest aspiration presented by developing countries in the G20.

“Brazil played a crucial role, especially in the agreement that saw the creation of global carbon. Brazil worked constructively and proactively. We negotiated when necessary, exerted pressure on the countries that sought to block talks, and, at the same time, we clarified positive points for other countries.”

In Glasgow, Brazil held a total of 24 meetings with  countries such as the US, China, Switzerland, Paraguay, Uruguay, and Argentina, in addition to members of the European Union, the minister reported. In Leite’s view, the rounds showed what he referred to as Brazil’s central role in climate talks.

“We started playing on this board of multilateral negotiations with all countries—nearly 200 of them—that had to approve this text at the end of the conference. We achieved this goal. This is exactly what the target was and we managed to create a global market for carbon. Brazil will be an exporter of carbon to the world,” he concluded Monday (Nov. 22) on radio broadcast Voz do Brasil.

Translation: Fabrício Ferreira -  Edition: Paula Laboissière / Nira Foster

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