Cop: Brazil to join Opec+ as green gadfly

Brazil will join the Opec+ alliance to urge other oil-producing nations to move away from fossil fuels to more sustainable alternatives, President Luiz Inacio Lula da Silva said.

Brazil's mines and energy minister Alexandre Silveira said last week that Latin America's largest economy and oil producer was seriously considering joining the global oil cartel of 23 producing nations, prompting some head scratching among green energy investors. The government went on to clarify that Brazil would not join Opec, but instead the Opec+ alliance, which means it would not be subject to production cuts.

Lula said at the Cop 28 climate summit in Dubai that Brazil needed to have better dialog with Opec+ nations to convince them to prepare for the end of fossil fuels.

Environmentalists were not convinced with Lula's claims, with the Climate Action Network (CAN) awarding Brazil the Fossil of the Day prize because of the decision to join Opec+. The prize is awarded to countries who are "doing the most to achieve the least" in terms of the progress on climate change, according to CAN's website.

Brazil produced 4.5mn b/d of oil equivalent (boe/d) in October, hydrocarbons regulator ANP said. Despite the government's push to increase investments in renewable energy, Lula's administration is working to develop oil and gas reserves in the environmentally sensitive Equatorial Margin, off the coast of the Amazon forest.

Brazil also envisions using revenues from oil to finance clean energy development. It has also proposed at Cop 28 that wealthy nations direct capital to create the Tropical Forest Forever fund, which aims to raise $250bn to restore and protect tropical forests.

While in Dubai, the Brazilian delegation is seeking more financial support for the Amazon fund. The UK on 2 December agreed to allocate £35mn ($44mn) to the fund, which takes the UK's total contribution to £115mn. Other countries such as Norway, Germany and Switzerland have also contributed to the fund.