Brazil’s oil sale plans prompt fears of global fossil fuel extraction race

15 November 2017 – The Brazilian government proposed tax relief up to US $300 billion to companies that develop offshore oilfields that opponents claim would use up 7% of humanity’s emission budget if global warming is to be kept below 2C. This bill contradicts Brazil’s position at COP23 in Bonn, where the country’s negotiators have urged the world to be more ambitious in cutting carbon emissions. Moreover, this tax relief would give the government one of the lowest revenue shares in the world of each barrel extracted, and is seen as unjust at a time when health and education budgets have frozen for 20 years and payments for forest protection have been slashed. Read the full article on the Guardian website.