Brazil will fund climate change mitigation and adaption projects through a levy on domestic oil production, reports Reuters.
Izabella Teixeira, Brazil’s Minister of Environment, told Reuters the fund is expected to receive around $132 million (R$ 226 million) in 2011, a figure that would climb with rising oil production. Brazil expected to substantially expand production after the recent discovery of massive offshore oil deposits.
The mitigation and adaption fund—known as the National Fund on Climate Change (FNMC)—would also be eligible to receive money from other sources, including international funds, according to Teixeira.
Teixeira also reiterated Brazil’s commitments to reducing deforestation in the Amazon and cerrado ecosystems. She said figures to be released next month would show record-low forest loss in the Amazon over the past 12 months.
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