The federal government, in partnership with international institutions, launched the Brazil Lab for Climate Finance, an initiative to support projects aimed at developing a low-carbon economy, this Wednesday (9). The launch event took place during the 22nd Conference of the Parties (COP 22) on Climate Change in Marrakesh, Morocco.

The platform will bring together experts from the public and private sectors and civil society to foster innovate measures able to ensure financing for low-greenhouse gas emissions initiatives. The first call for proposals focused on Brazil is open until 16 December.

Forests, agriculture and energy have been chosen as priority areas, given the three sectors are considered essential for the achievement of national emission reduction targets. The initiative was launched at the Brazil Lounge at COP 22 (the global meeting taking place until the end of next week in Morocco to define the details of the new climate agreement currently in force).

"Our goal is to strengthen dialogue with the financial sector to explore opportunities", said Adriano Santhiago, Climate Change Director at the Brazilian Environment Ministry (MMA).

Leadership

The international community sees Brazil as one of the most active countries in the environmental agenda. "Brazil's leadership is evident all the time in a very pragmatic and creative way", explained the US Department of State's Climate Finance advisor, Ricardo Nogueira, at the launch of the Brazil Lab. "This initiative is a means to reach the highest levels and make the projects more attractive and financeable", he added.

Seen as one of the world’s most robust targets, Brazil’s commitment is to reduce carbon emissions by 37% by 2025, with a further indicative target of a 43% reduction by 2030. Several actions are already in place Brazil to help the country achieve these targets, and, according to Santhiago, the Brazil Lab will contribute towards expediting that process.

“The country is very ambitious in the climate agenda, and this will be an important tool to create networks and establish actions", he explained.

Financing

The Brazil Lab is part of the Global Innovation Lab, a wider platform endorsed by the G7, the group that brings together the world's greatest economies: Germany, Canada, the United States, France, Italy, Japan and the United Kingdom. Since its launch in 2014, the Lab has attracted around US$ 600 million in financing commitments for pilot projects in renewable energy sources, energy efficiency, smart agriculture and land use.

A new work front has now been opened for the Lab with its focus on Brazil. The proposals will be selected according to the criteria set by the Global Lab, as well as their potential to support the implementation of Brazil's emission reduction target. This target is Brazil's Nationally Determined Contribution (NDC) presented under the Paris Agreement, which was signed by over 190 countries last year and has been in force since 4 November.

COP 22

Up to 18 November, representatives from the 190+ signatory countries to the United Nations Framework Convention on Climate Change (UNFCCC) will be meeting at COP 22 in Marrakesh to regulate the Paris Agreement.

Under the pact, the countries have committed to ensure global average temperatures remain well within 2º C above pre-industrial levels, and are already working on the details required for the commitment to be fulfilled.