Minister says he does not know of oil resources fund for energy transition

The Minister of Mines and Energy, Alexandre Silveira, said this Friday, 7th, that he is not aware of the possible establishment of a new Fund with oil resources for socio-environmental actions to combat climate change. Earlier, President Luiz Inácio Lula da Silva said that there would be a mechanism of this nature, without going into details.

Lula, in a speech this morning, declared: “Directing part of the profits from oil exploration towards energy transition remains a valid path for developing countries. Brazil will establish a Fund of this nature to finance the fight against climate change and promote climate justice”, he declared.

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Subsequently, in the same speech, Lula spoke about the Tropical Forests Forever Fund (TFFF), which will have mixed capital, public and private. This mechanism does not include the entry of resources raised from oil exploration. The premise of using oil money for public policies is old, largely already made possible in the Social Fund, created in 2010.