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Brazil partners with largest climate finance alliance to boost green growth
An aerial view shows a deforested area during an operation to combat deforestation near Uruara, Para State, Brazil January 21, 2023. REUTERS/Ueslei Marcelino/File Photo
On Monday, Brazil declared its collaboration with the largest global financial coalition dedicated to climate action to bolster funding for clean energy and initiatives aimed at ecosystem restoration, such as the reforestation of the Amazon rainforest.
The Brazilian Development Bank, BNDES, will join forces with the Glasgow Financial Alliance for Net Zero (GFANZ), comprising asset managers, banks, and insurance firms worldwide, to mobilize both public and private capital.
While reminiscent of existing endeavours in other nations, such as Indonesia’s $20 billion coal phase-out programme, Brazil’s commitment does not entail specific multibillion-dollar investment pledges at this time.
BNDES President, Aloizio Mercadante, refrained from disclosing the exact investment amount or a launch timeline but emphasized the government’s intent to act swiftly.
This announcement coincides with President Luiz Inacio Lula da Silva’s aspiration to play a pivotal role in global climate leadership, including hosting the Group of 20 summit this year and the United Nations COP30 climate summit in 2025.
GFANZ co-chair, Mark Carney, former Governor of the Bank of England, likened the initiative to the Just Energy Transition Partnership (JETP), albeit on a broader scale. JETP, supported by the United States and other wealthy nations, focuses on phasing out coal in select countries through public and private financing from multilateral development banks.
“This initiative encompasses the entire economy rather than solely energy, and it progresses actively rather than addressing stranded assets,” remarked Carney during a green finance event in Sao Paulo.
Both Carney and Mercadante highlighted the investment platform’s aim to further expand Brazil’s already extensive renewable energy sector and support projects like the “Arc of Reforestation,” targeting the restoration of 60,000 square kilometres (23,160 square miles) of degraded or deforested Amazon rainforest.
