Brazil has signed an agreement to triple global renewable energy by 2030 and move away from coal, joining a deal supported by the European Union, U.S., and United Arab Emirates.
Approximately 100 countries, including Brazil, have signed onto the deal, with hopes for official adoption at the United Nations COP28 climate negotiations in Dubai.
Brazil's embassy in Abu Dhabi confirmed joining the deal called the "Global Renewables and Energy Efficiency Targets Pledge."
Over 80% of Brazil's electricity comes from renewable sources, primarily hydropower, with rapid expansion in solar and wind energy.
Brazil acknowledges it may not be able to triple its own renewable energy domestically due to its already high percentage but expresses support for renewables.
The draft renewable energy pledge includes a commitment to phasing down unabated coal power, ending financing for new coal-fired power plants, and doubling the global annual rate of improving energy efficiency to 4% per year until 2030.
Coal constitutes just over 1% of Brazil's electricity, according to official statistics.
President Luiz Inacio Lula da Silva emphasizes the need to tackle global governance failures, poverty, and climate change, highlighting Brazil's dedication to environmental stewardship.
Brazil's top climate negotiator, Andre Correa do Lago, proposes the creation of a substantial fund dedicated to conserving tropical forests.
The uniqueness of the initiative lies in linking the fund's value to the area of forest measured in hectares, not just carbon.