Brazil mulling to establish own carbon border tax system
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Update time : 2024-08-12 16:09:29
Brazil is considering establishing its own carbon border tax system to protect itself from imports from other countries. Brazil imported 5.02 million tons of steel in 2023, a surge of 50%, mainly from China, a country with an even higher carbon footprint.
The Ministry of Green Economy, Decarbonization and Bioindustry said Brazil has the advantages of becoming the largest green steel producer, such as high-quality iron ore and renewable energy. More than 90% of electricity in Brazil comes from renewable energy sources, mainly hydropower. Industrial biofuel use is also increasing.
Besides, the Brazilian industry is developing green hydrogen production and also seeking to obtain natural gas at competitive prices. Brazil’s Ministry of Development, Industry, Commerce and Services (MDIC) is working with the UK for funding to further mitigate carbon emissions from the Brazilian steel industry.
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