Brazil to Reduce Carbon Emissions

Brazil’s President Luiz Inacio Lula da Silva announced Monday that he expects the leaders from the Asia-Pacific Economic Cooperation (APEC) to commit to a reduction of greenhouse gases.

In his weekly radio show, Lula expressed his worry on the matter of climate change and said that he expects the APEC leaders to advance on the discussions, in order to reach a proposal to be presented to the United Nations Climate Change Conference (COP-15), which will take place in December in Copenhagen.

President Lula noted Brazil’s commitment on the matter last week. The country announced its intention to commit to a reduction of 36.1 to 38.9 percent in its greenhouse gas emissions by 2020.

According to the government plan, about 20 percent of the reduction will originate from the reduction in the deforestation in the Amazon Rainforest region, while the other 20 percent will result from actions to protect the Brazilian savannah, to promote the use of green steel and biofuels and to increase energy efficiency.

President Lula said that Brazil’s commitment indicates that things are going well in the country, including a sign of economic growth and progress.

Brazil stocks ended higher Tuesday boosted by Ministry of Finance comments of higher and steady economic growth ahead. Brazil is also anticipating growth due to an influx of tourism to Rio de Janeiro. The city is making efforts to prepare the city for the Olympics and the World Cup, including making drastic changes to it’s transportation infrastructure.

Brazil’s benchmark Ibovespa stock index ended 1.17% higher at 67,405 points on the Brazilian Stock Exchange, its highest closing level since June last year.

Traded volume was a tad above average at 6.6 billion Brazilian reals ($3.84 billion).

Finance Minister Guido Mantega said Tuesday Brazil’s gross domestic product could grow steadily between 6% and 6.5% a year in the period 2010 through 2016, with investment jumping 13% to 15% next year, the Estado news agency reported.

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