WASHINGTON (Reuters) – Brazil’s government launched a climate and ecological transformation investment platform in Washington on Wednesday, named BIP, aimed at mobilizing international capital with an initial target of $10.8 billion.
As Reuters reported on Tuesday, the platform unveiled on the sidelines of the International Monetary Fund and World Bank annual meetings will bring together projects across three sectors: energy, industry and mobility, and nature-based solutions.
Initially, the platform will seek investments for seven pilot projects, including one from Vale to attract around $2.5 billion for building industrial hubs in Brazil focused on producing green hydrogen and hot-briquetted iron as part of efforts to decarbonize the steel industry.
The government only decided on the inclusion of this initiative on Tuesday.
With the new platform, President Luiz Inacio Lula da Silva’s administration will select projects aligned with its green policies and work to leverage foreign capital with the coordination of state development bank BNDES, which may also contribute funding.
Finance Minister Fernando Haddad said during the launching event that the platform is an instrument to accelerate concrete actions, highlighting that climate transition demands immediate focus.
“We have little time for a lot of work,” he said.
(Reporting by Marcela Ayres; editing by Philippa Fletcher)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.