Good morning! Today, a look at Brazil’s new (old) climate commitments. What the recent interest rate cuts mean for the economy. And when Lula met Zelensky.
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New climate goals fail to impress environmentalists
Brazil’s Environment Minister Marina Silva on Wednesday confirmed an adjustment to the country’s goals under the 2015 Paris Agreement on climate change — fulfilling a pledge made by President Luiz Inácio Lula da Silva back in June.
What they are saying. In its official announcement, the government said its carbon emission reduction goals would return to the level of the first Nationally Determined Contribution (NDC) from 2015.
Context. The Jair Bolsonaro administration twice changed the baseline for the NDC, effectively providing more leeway to emit carbon than the original commitments made under the Paris Agreement. In February 2022, The Brazilian Report revealed the draft of a second change of the goal posts.
Baseline. The Lula administration has chosen to maintain the higher baseline set by the 2022 NDC. While it might seem like a way to give the impression...