Brazil has launched an investment platform to attract more money for domestic climate solutions — one that will start by mobilizing $10.8 billion of international financing for projects across the nation.
“Mitigating is not enough. Adapting is not enough,” said Marina Silva, Brazil’s minister of the environment and climate change, at the platform’s launch event in Washington, D.C. last week. “We need to change the development model.”
The Brazil Climate and Ecological Transformation Investment Platform, or BIP, aims to connect projects that can push Brazil’s climate transition plans forward. The country is attempting to cut its emissions in half by the end of the decade — an ambition that’s been amplified by Brazil’s Group of 20 major economies presidency this year.