"Environment Izabella Teixeira and Brazilian National Development Bank (BNDES) President Luciano Coutinho have announced the launch of a new credit line to support projects focused on greenhouse gas reduction and climate change solutions. Established under Brazil's National Climate Change Fund, the new financing instrument aims to encourage private, municipal and state investments that support the objectives set by Brazil's National Policy on Climate Change in 2009, including reducing greenhouse gas emissions, reducing vulnerability to the adverse effects of climate change, and preparing to compete in a low-carbon economy.

The Climate Fund is one of the main instruments in Brazil's climate change policy," said Minister Teixeira at the launch event. "By 2014 it has the potential to provide up to R$ 1 billion in financing to support Brazil's national commitment to reducing greenhouse gas emissions.

As mandated upon its establishment in 2009, 60 percent of the National Climate Change Fund comes from national oil exploration revenues that are deposited into a special account held by the Ministry of Environment. These resources are split into two categories: reimbursable, which are managed by BNDES; and non-reimbursable, managed by the Ministry of Environment."

 

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