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illuminem summarises for you the essential news of the day. Read the full piece on Al Jazeera or enjoy below:
🗞️ Driving the news: Brazil has auctioned offshore oil exploration rights in the ecologically sensitive Equatorial Margin region, including areas near the mouth of the Amazon River, despite legal challenges and environmental opposition
• The move, endorsed by President Luiz Inácio Lula da Silva’s administration, marks a significant policy shift as Brazil prepares to host COP30 later this year
🔭 The context: Lula’s third term began with strong environmental pledges, including zero deforestation and net-zero emissions
• However, economic pressures and strategic interests in fossil fuels have led to increased government backing for offshore oil projects
• Brazil’s state-run Petrobras and global oil majors such as Chevron and Exxon secured exploration rights, even after Brazil’s main environmental regulator initially denied permits citing ecological risk
🌍 Why it matters for the planet: The Equatorial Margin encompasses diverse and fragile ecosystems, home to endangered species and traditional communities
• Drilling risks include biodiversity loss, pollution, and undermining international climate targets
• Critics argue that fossil fuel expansion contradicts Brazil's climate leadership ambitions and jeopardizes its credibility ahead of hosting COP30
⏭️ What's next: Legal battles continue, with environmental groups and federal prosecutors demanding deeper environmental assessments and Indigenous consultations
• Petrobras is expected to begin test drilling, setting a precedent that could accelerate further exploitation
• International scrutiny is likely to intensify, potentially impacting Brazil’s environmental diplomacy and domestic regulatory frameworks
💬 One quote: “If we want to keep global warming to 1.5 degrees [Celsius] … we cannot drill a single new oil well,” – Nicole Oliveira, director of the Arayara Institute
📈 One stat: Brazil’s National Petroleum Agency estimates up to 30 billion barrels of oil may lie beneath the Equatorial Margin seabed
See on illuminem's Data Hub™ the sustainability performance of Petrobras, Chevron, and ExxonMobil and its peers TotalEnergies, and Shell
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