The Brazilian secretary for climate change and environmental quality at the ministry of the environment, Branca Americano, has announced that oil revenues will be used to bolster the National Fund on Climate Change.
Americano said that the National Fund on Climate Change already has BRL200m (USD114m) for investment in mitigation of the effects of climate change in Brazil in 2011.
Branca explained that the Climate Fund will receive part of the profits of oil exploitation. The Climate Fund was created at the end of last year and is the world's first initiative to use oil resources to combat climate change.
With a budget that could reach BRL1bn per year, the money from the fund will be applied in research and on projects to help vulnerable regions such as the semi-arid and coastal regions of Brazil.
.Tags: tax | Brazil | oil and gas | environment
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