Brazil wants to be a climate champion and an oil giant. Can it be both?

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Financial Times 1d ago

Brazil wants to be a climate champion and an oil giant. Can it be both? - Financial Times

Quick Summary:

However, regulators last year rejected a request by Petrobras for a licence to drill an exploratory well there, in a block the company says lies 500km from the river’s mouth and 160km from the coastline of Amapá state.

Yet there are obstacles to the most prized section: the Foz do Amazonas basin — “the mouth of the Amazon river”.“It is believed to be one of the most promising regions in the Brazilian Equatorial Margin, as it shares geology with neighbouring Guyana, where ExxonMobil is developing huge fields,” says Adriano Pires, founder of consultancy Centro Brasileiro de Infra Estrutura.

She says the debate cannot be reduced to one country and calls for wealthy nations to help finance the developing world’s green shift, but is clear about the collective obligations: “A commitment was made during COP28 [in 2023], together with all signatory countries, that we must transition to the end of fossil fuel use.