(Bloomberg) -- Brazil is developing tools to help finance its ecological transformation plan, according to Finance Minister Fernando Haddad, who expects to have them ready by the end of 2023.
The green plan includes the creation of a regulated carbon market, the issuance of government bonds linked to social and environment projects as well as measures to gradually end subsidies for fossil fuels. It is designed to boost Brazil’s economy and kick-start a green transition in Latin America’s largest economy.
Brazil’s President Luiz Inacio Lula da Silva discussed the plan with US President Joe Biden last week in New York. The two countries will begin holding meetings as of next week to seek cooperation in green initiatives, Haddad said during an event at the University of Sao Paulo on Saturday.
“We are studying to present to the American government, by the end of the year, a cooperation agreement that will involve research, investments and trade,” the minister said.
Brazil’s first-ever sustainable bond sale will happen in coming weeks and the government is already working on an ESG rulebook for investment that will be ready by the end of 2024.
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