Brazil is planning to create a mechanism to use oil revenues to finance the nation’s energy transition, President Luiz Inácio Lula da Silva said, as the country juggles its green ambitions against its expanding production of fossil fuels.
“Directing part of the profits from oil exploration toward the energy transition remains a valid path for developing countries,” Lula said at a climate summit in Belém on Friday. Brazil will establish a fund “to finance efforts to tackle climate change and promote climate justice.”
Brazil to Use Oil Profits to Fund Energy Transition, Lula Says
