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Brazil govt pushes Congress to approve 'green' bills before COP28

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below

🗞️ Driving the news: Brazil's government expects Congress to approve energy transition-related bills within the next 100 days, aimed at boosting the country's decarbonization efforts for the COP28 climate summit 
• Key initiatives include projects focusing on renewable fuels, offshore wind farms, and regulating the green hydrogen sector

🔭 The context: President Luiz Inacio Lula da Silva, who took office in January, has committed to reversing previous environmental backsliding, such as soaring Amazon deforestation under his predecessor Jair Bolsonaro 
• The upcoming bills are expected to include a new carbon market, regulating offshore wind power, the "Fuel of the Future" project, and green hydrogen

🌎 Why does it matter for the planet: These energy transition-related bills, including a significant focus on sustainable aviation fuel (SAF) production, could lead Brazil into a greener future and strengthen its commitment towards renewable energy and environmental protection, especially in the context of global climate talks

⏭️ What's next: The bills are expected to be submitted to Congress in the coming weeks, with one regarding a regulated carbon market possibly as early as next week
• The government's vision for sustainability will be showcased in the COP28 climate summit and will likely influence Brazil's role in global environmental policies

💬 One quote: "Brazil has a unique opportunity in the second half to finish the year giving out very strong signals to domestic and international markets that it is the country that really intends to lead the transition to a green and low-carbon economy." (Rodrigo Rollemberg, secretary at Brazil's development ministry)

📈 One stat: Among the proposals in the upcoming bills is the plan to raise the required ethanol blending into gasoline to 30% from the current 27%, a significant step in increasing renewable fuel use within the country

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