Brazil needs more than US$1 trillion over the next 10 years to fund ecological transformation, says Haddad in Dubai

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Resources would be invested in infrastructure for adaptation, energy, industry and mobility, said the Finance Minister. According to him, ecological transformation could generate 7.5 to 10 million jobs in all sectors. Private sector studies estimate that Brazil needs additional investments of around US$130 to US$160 billion per year, over the next decade, to fund the so-called ecological transformation — a total value that would be between US$1.3 trillion and US$ 1.6 trillion in the period. Converted to the current dollar exchange rate (around R$4.94), the values ​​represent a necessary contribution of between R$6.4 trillion and R$7.9 trillion over the next ten years. The information was released this Friday (1st) by the Minister of Finance, Fernando Haddad, in a speech at the UN climate summit, COP 28, in Dubai (United Arab Emirates). He stated that these resources would be invested in infrastructure for adaptation, energy, industry and mobility. “The good news is that we have a history of being able to mobilize investments and create sustainable infrastructure. If today we are a giant in renewable energy, it is thanks to public investments”, said Haddad after citing the values. According to Haddad, studies also indicate that ecological transformation could generate 7.5 to 10 million jobs in all sectors – with a focus on the bioeconomy, agriculture and infrastructure segments. The 28th edition of the UN Climate Conference begins in Dubai, United Arab Emirates. The Minister of Finance informed that the ecological transformation plan is a proposal from the Global South for a new globalization. “A globalization that is environmentally sustainable and socially inclusive. The reformulation of global financial flows involves affirming the South as the center of the green economy”, he declared. He also said that it is necessary to join forces to avoid protectionist measures and geopolitical fragmentation. “The prosperity of a few in the face of the misery and environmental devastation of many becomes increasingly unsustainable in a world in climate emergency,” he concluded. Still during the COP 28 meetings, Haddad and the United States representative for climate issues, John Kerry, signed a statement expressing intentions of joint action for Brazil’s ecological transformation plan. In the document, released only in English, Haddad and Kerry say that the two countries share objectives such as zeroing the net emission of polluting gases and creating innovative markets in clean technologies.

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