Brazil and China happen to be in talks to put in place a fund so as to finance the green industry and renewable energy development in both countries, as stated to Reuters by a couple of Brazilian officials.
The proposal is likely to be announced when the Brazilian President, Luiz Inacio Lula da Silva, visits China in the week starting March 27. That said, as per the government officials, there are still some fine tunings that need to take place.
The Brazilian President’s top foreign policy advisor, Celso Amorim, said that he doesn’t know if he will be able to announce anything as of now as things happen to be too complex, and the idea is to have a bilateral fund for investment in the area.
Mr. Amorim anticipates that an agreement will be reached on renewable energy during both presidents’ meetings on March 28.
Marina Silva, the Brazilian environment minister who will be a part of the president’s delegation, said that the new fund that is currently under discussion will be made use of by recovering forests and also developing a more sustainable setup such as the production of green hydrogen.
Ms. Silva went on to say that their expectation is that they can have a climate change agenda, which happens to be strategic for the world since it is without a shred of doubt the greatest of all the challenges facing humanity today.
It is well to be noted that Brazil has already gone on to receive a commitment from US President Joe Biden on forest protection as well as climate change policy when its president visited the US in February.
When it comes to China, which happens to be the world’s biggest greenhouse gas emitter, Ms. Silva expects an increasingly robust agenda on the climate change issue, biodiversity, as well as the protection of forests.
However, Ms. Silva said that China is not going to be a part of the billion-dollar Amazon fund that was started by Norway in order to finance sustainable development as well as protect the largest tropical rainforest in the world, which apparently, Britain, France, and Spain are planning to join and the US is in fact committing to support.