Investment Institute
Macroeconomic Research

Brazil: Lula 3.0 – Good news for climate and biodiversity?

  • 24 April 2023 (5 min read)

What Lula’s victory means for Brazil’s environment

Key points:

  • The Amazon rainforest occupies half of Brazil, making it a key global player in the fight against climate change and the preservation of biodiversity
  • Deforestation reached record levels under former President Bolsonaro, but Lula´s track record suggests this could be a turning point for Brazil’s environmental policy
  • Lula has promised to reach net-zero deforestation by 2030 as well as net-zero emissions in electricity generation
  • But deep political polarization will make legislative changes more difficult
  • Cattle ranching and soybean production are the primary forces behind deforestation but are also key contributors to Brazil´s economy
  • Longer term, increasing sustainability in the commodity and resource sectors of Brazil's economy could potentially lead to higher levels of international investment
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