20 Apr (Reuters) – Germany will contribute 500 million euros ($588.30 million) to the Climate Fund, administered by the National Bank for Economic and Social Development (BNDES), President Luiz Inácio Lula da Silva said at a press conference with German Chancellor Friedrich Merz on Monday.
The fund aims to support studies and finance projects aimed at mitigating climate change.
Lula, who will conclude a two-day visit to Germany on Tuesday, said Brazil is willing to discuss alternative energy sources with Germany and declared himself ‘an unwavering supporter of biofuels’.
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Lula added that Germany could benefit from Brazil’s experience in renewable energy and that authorities in both countries will work to implement the decisions taken this Monday, without giving further details.
Biofuels can reduce greenhouse gas emissions while making use of existing fuel infrastructure. Mixing biodiesel with conventional diesel in fuel sold at gas stations can also help reduce costs, mainly by reducing dependence on imported fuel.
Brazil, one of the largest biodiesel producers in the world, presented a new biofuel in Hannover, Germany, as part of Lula’s visit.
