U.S. and Brazil Announce Climate Partnership

The U.S. and Brazilian governments announced a climate partnership agenda, seeking to deepen ties on an issue they saw as key but treated as secondary by opposition in both countries.

Speaking on the sidelines of G20 finance leaders meeting in Rio de Janeiro, U.S. Treasury Secretary Janet Yellen said that "advancing work on climate and on nature and biodiversity can bring benefits not only to both of our economies but also to the region and to the global economy."

Yellen also mentioned as pillars of this agenda the aim to bolster clean energy supply chains and efforts to improve the integrity and effectiveness of voluntary carbon markets.

The joint work between the U.S. and Brazil, the two largest economies in the Western Hemisphere, will focus on four key areas, including efforts to facilitate countries' ease of access to multilateral climate fund resources, a priority for Brazil during its G20 presidency this year.

"We want to be more close," said Brazil's Finance Minister Fernando Haddad, adding he expected these guidelines to turn into concrete actions very quickly.

“We chose a decisive area for our future to strengthen our relationship. We expressed the desire for mutual cooperation between our two countries. These are issues related to climate. Brazil and the United States agree to investing efforts to promote a change in different climate areas,” he added.

Efforts to mobilize finance and develop innovative solutions to conserve and restore nature and biodiversity, including through multilateral development banks, are also on the agenda.

The partnership builds on the long-standing relationship between the United States and Brazil, the two largest economies in the Western Hemisphere. It aims to advance sustainable and inclusive development, recognizing the potential benefits for both countries, the region, and the global economy.