Brazil’s High-Stakes Plan to Fund Green Energy With Oil

Brazilian President Luiz Inácio Lula da Silva is making a bold bet—pushing for new oil exploration in the Amazon to fund the country’s transition to green energy. But with Brazil set to host COP30, critics argue that drilling near one of the most biodiverse regions on Earth undermines the nation’s climate leadership.

Lula insists that Brazil "can’t ignore the wealth beneath its feet," framing oil revenue as a necessary step toward sustainability. But environmentalists call this narrative misleading, pointing out that the government already heavily subsidizes fossil fuels.

With mounting pressure from activists and regulatory roadblocks, will Brazil strike a balance between economic growth and environmental responsibility—or risk tarnishing its reputation on the global stage?

Read the full story to see what’s at stake.