Brazil, China in talks to create green, renewable energy fund

Brazil, China in talks to create green, renewable energy fund

BRASILIA Brazil and China are in talks to create a fund for the development of green industry and renewable energy in both countries, two senior Brazilian officials told Reuters.

The proposal could be announced during President Luiz Inacio Lula da Silva'sLula da Silva's visit to Beijing next week, although government officials said there were still some details to work out.

I don't know if it will be possible to announce, because these things are complex, but the idea is to have a bilateral fund for investment in this area, according to Celso Amorim, Lula's top foreign policy advisor.

Amorim expects to reach an agreement on renewable energy during Lula's visit, which includes a meeting with Chinese President Xi Jinping on Tuesday.

Brazilian Environment Minister Marina Silva, who will be part of Lula's delegation, said that the new fund under discussion would be used to recover forests and develop a more sustainable economy, including production of green hydrogen.

Silva told Reuters that the goal is to have a climate change agenda that is strategic for the world, because it is undoubtedly one of humanity's greatest challenges today.

She said that Brazil received a commitment from the U.S. president Joe Biden to address climate policy and forest protection when Lula visited the White House last month.

Silva expects there to be an increasingly strong agenda on climate, the protection of forests, and biodiversity in the case of China, the world's biggest emitter of greenhouse gases. Silva said that China will not join the billion-dollar Amazon Fund, started by Norway to finance sustainable development and protect the world's largest tropical rainforest, which Spain, France and Britain are looking at joining and the U.S. has committed to supporting.