Brazil to Create Energy-Transition Fund Using Oil and Mineral Revenues, Lula Says at COP30

Overview

• Speaking at the COP30 leaders’ summit in Belém, President Luiz Inácio Lula da Silva said Brazil will establish a fund to confront climate change and promote climate justice.
• The government plans to direct a portion of proceeds from oil and mineral exploration to finance a shift to cleaner energy.
• The National Council for Energy Policy (CNPE) is expected to propose a working group to model and structure the mechanism.
• The subject is anticipated to be on the CNPE’s December meeting agenda, according to G1 reporting.
• Specifics on funding volume, governance, and disbursement have not been announced, indicating the initiative remains in early design.