Even though Brazil was one of the last to present COP 21 plans, the country became the first major developing country to pledge an absolute reduction in greenhouse gas emissions ahead of Paris climate talks.
Brazil said it would cut emissions by 37% below 2005 levels in 2025 by fighting deforestation and boosting the share of renewables in its energy mix. It also hinted at an “intended reduction” of 43% by 2030.
The country plans to reach its 37% target by boosting renewable energy generation to the impressive 45% of the mix. It also wants to expand biofuel consumption and raise the share of sustainable biofuels in the energy mix to approximately 18% by 2030.
“Our goals are just as ambitious, if not more so, than those set by developed countries,” President Dilma Rousseff said as she announced the targets at the UN in New York last month.
Rousseff noted that by 2030, Brazil, will aim at sourcing 66% of its electricity from hydropower and 23% from other renewable sources including wind, solar and biomass.
Latin America and Brazil, in particular, play a key role in climate talks as about 25% of the world’s arable land, 22% of its forests, and 31% of fresh water are found in Latin America.
Brazil has already become a major market for renewable energy development and the COP 21 targets are only confirming the course of policy that the country follows.
According to the latest available figures of Bloomberg New Energy Finance (BNEF), Brazil attracted investments of more than USD 2.3 billion (EUR 2 billion) in renewables and energy-smart technologies globally in the third quarter of 2015 alone and up by 131% on the year.