Key facts
- Brazil's state-run oil company Petrobras must choose between fossil fuel phaseout and tax revenue, according to its head.
- Phasing out oil would mean forfeiting approximately $53.2 billion in tax revenues, Petrobras head Magda Chambriand stated.
- Chambriand argued that climate goals must account for Brazil's economic future.
- Environmental organizations criticized the remarks, stating they disregard the impact of fossil fuels on global warming.
Magda Chambriand, the head of Brazil's state-run oil company Petrobras, has stated that the country faces a critical decision between transitioning away from fossil fuels and maintaining substantial tax revenue from the sector. Her comments highlight a tension within Brazil's climate policy, which advocates for reducing fossil fuel reliance while simultaneously pursuing new drilling investments, particularly in areas like the Amazon River mouth.