Brazil Will Explore Oil until It Reaches the Level of a Developed Country, Says Energy Minister

Even after Brazil committed to transitioning to a global economy away from fossil fuels, Minister Alexandre Silveira (Mines and Energy) says the country should continue oil exploration until it achieves the same social indicators as developed economies. "In my opinion, [the country will explore oil and gas] until Brazil manages to reach a Human Development Index (HDI) comparable to that achieved by industrialized countries, which today can contribute very little to the environmental issue," Silveira tells Folha. The departure from fossil fuels was agreed upon last year at COP28, the United Nations Climate Change Conference in Dubai, between Brazil and over a hundred countries. The minister agrees that the country should impose the so-called Selective Tax on oil a tax for items that harm health or nature, currently under regulation. However, he believes that rich countries also need to foot the bill, starting with commitments such as the Paris Agreement, which foresees the allocation of $100 billion annually to climate change-related measures in developing countries.