Brazil Partners With Largest Climate Finance Alliance To Boost Green Growth

Brazil Partners With Largest Climate Finance Alliance To Boost Green Growth

On Monday, Brazil joined forces with the world’s largest financial climate coalition, the Glasgow Financial Alliance for Net Zero (GFANZ), to support funding for clean energy and environmental restoration projects, including reforestation efforts in the Amazon rainforest.

The Brazilian development bank BNDES will collaborate with GFANZ to mobilise public and private financing for these initiatives, marking a significant step towards green growth.

While specific investment figures and timelines were not disclosed, BNDES President Aloizio Mercadante emphasised the government’s commitment to urgency in implementing the partnership.

President Luiz Inacio Lula da Silva aims to elevate Brazil’s role in global climate leadership, with upcoming events including hosting the Group of 20 and the United Nations COP30 climate summit.

GFANZ co-chair Mark Carney highlighted the program’s broader scope compared to existing initiatives like the Just Energy Transition Partnership (JETP).

The partnership aims to address environmental challenges across the entire economy, emphasizing the expansion of Brazil’s renewable energy sector and large-scale reforestation projects. It includes the “Arc of Reforestation” targeting the restoration of 60,000 square kilometres of Amazon rainforest.

By leveraging the expertise and resources of GFANZ, Brazil seeks to accelerate its transition towards a greener economy while addressing pressing environmental concerns, particularly in the Amazon region.