Powering Brazil: The Outlook for Brazil's Energy and Mining Sectors
On March 7th, the Brazil Institute hosted a discussion with Brazil’s Minister of Mines and Energy on the future of the country's energy and mining sectors.
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The Minister's presentation and a transcript of the Minister's remarks and Q&A session (translated into English) are available for download below.
Brazil is an increasingly important player in international energy markets, with its abundance of traditional and renewable energy resources. As the pre-salt fields ramp up, oil and gas production is expected to hit 7.5 million barrels per day, making Brazil a top global producer. Yet senior officials, including Minister of Mines and Energy Bento Albuquerque, have openly acknowledged that the global trend is toward decarbonization, and have emphasized the need to effectively diversify the energy sector. Much of the international community’s focus on Brazil to date has been on extraction, including the successful pre-salt auctions. The two-month-old government of President Jair Bolsonaro—who is expected to visit Washington later this month—has signaled its interest in continuing policies aimed at promoting foreign investment, not only in exploration but also in the infrastructure required to bring energy resources to market, from ports and refinery facilities to an expanding electricity grid. Recent tragedies, such as the tailings mine collapse in Brumadinho, and looming risks such as the impact of climate change reflect the challenges that remain for the industry and for Brazil. As the country struggles to recover from a devastating recession and a massive corruption scandal that began inside energy giant Petrobras, the industry is seen as key for Brazil’s return to sustainable economic growth and global stature as a leading energy producer. On March 7th, the Brazil Institute was honored to host a discussion with Brazil’s Minister of Mines and Energy, Bento Albuquerque, during his first visit to Washington as Minister.
The Brazil Institute—the only country-specific policy institution focused on Brazil in Washington—works to foster understanding of Brazil’s complex reality and to support more consequential relations between Brazilian and U.S. institutions in all sectors. Read more