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Irish Examiner
2 days ago
- Business
- Irish Examiner
Brazil passes ‘devastation bill' that drastically weakens environmental law
Brazilian lawmakers have passed a bill that drastically weakens the country's environmental safeguards and is seen by many activists as the most significant setback for the country's environmental legislation in the past 40 years. The new law – widely referred to as the 'devastation bill' and already approved by the senate in May — passed in congress in the early hours of Thursday by 267 votes to 116, despite opposition from more than 350 organisations and social movements. It now goes to the president, Luiz Inácio Lula da Silva, who has 15 working days to either approve or veto it. Even if he vetoes the legislation, there is a strong chance that the predominantly conservative congress will overturn that, triggering a likely battle in the supreme court, as legal experts argue that the new law is unconstitutional. 'Either way, its approval is a tragedy,' said Suely Araújo, public policy coordinator at the Climate Observatory civil society group, arguing that the legislation would, among other serious consequences, drive large-scale deforestation and heighten the risk of human-caused climate disasters. 'There's no precedent for how damaging this law is,' she said, describing it, as have several other environmental organisations, as 'the greatest setback to Brazil's environmental legislation' since the 1980s, when licensing first became a legal requirement in the country. One of the main points of criticism of the law is that it allows projects classified as having 'medium' polluting potential to obtain an environmental licence through a self-declared online form — without prior impact studies or regulatory review. Previously, this fast-track process was limited to low-risk activities. According to Araújo, this will affect about 90% of licensing procedures in Brazil, including those for mining companies and the vast majority of agricultural activities. 'We're seeing the implosion of Brazil's environmental licensing system, that is going to become full self-licensing, where a company just clicks a button and the permit gets printed,' said Araújo, who served as president of Brazil's environmental protection agency, Ibama, from 2016 to 2018. The law also states that agencies responsible for protecting the rights of Indigenous and quilombola communities will only have a say in licensing processes for projects located on officially recognised territories — excluding more than 30% of Indigenous lands and over 80% of quilombola areas that have been awaiting official titling for years. 'Many of these lands are already under dispute or being targeted by exploitative companies,' said Dinamam Tuxá, executive coordinator of the Articulation of Indigenous Peoples of Brazil (Apib), who described the law's approval as 'the legalisation of a process of extermination of Indigenous peoples'. Tuxá says Lula should veto the bill, but recognises that in a predominantly opposition-led congress, the president's decision is likely to be overturned. 'That's why civil society must remain organised to pressure lawmakers not to overturn the veto,' he said. If the law does come into force, it is likely to trigger a wave of legal challenges, as activists and legal experts argue that it violates the constitution and previous rulings by the supreme court. Some activists have criticised Lula's administration for not doing enough to prevent the bill's approval, and even for giving it a free pass, as reported by the news outlet Sumaúma. Resistance to the bill was primarily confined to the environment minister, Marina Silva, who described it as 'the burial of environmental licensing'. According to the Climate Observatory's Araújo, the law also creates a major embarrassment for both Brazil and Lula just months before the country is to host Cop30 in the Amazon in November. 'This law is a serious setback and will shape how Brazil is viewed by those who see it as a potential environmental leader,' she said. Read More French mural shows Statue of Liberty covering her eyes in swipe at Trump
Kuwait Times
07-07-2025
- Business
- Kuwait Times
Illegal loggers profit from Brazil's carbon credit projects
PORTO VELHO: Companies around the world have poured hundreds of millions of dollars into conservation projects in Brazil designed to protect the Amazon rainforest in return for carbon credits offsetting their emissions. Reuters found that many of those projects are profiting people and businesses fined by Brazilian authorities for destroying the rainforest. Reporters analyzed 36 conservation projects in the Brazilian Amazon offering voluntary carbon offsets on the global market's biggest registries. At least 24 of those involved landowners, developers or forestry firms that have been punished by Brazil's environmental agency Ibama for their roles in illegal deforestation, Reuters found. The offenses ranged from clear-cutting the rainforest without authorization to transporting felled trees without valid permits and entering false information in a government timber tracking system. Government officials and experts said these infractions reflected the range of roles in the illicit timber trade devouring the rainforest. In 20 of the conservation projects, Reuters found, Ibama had fined key players for deforestation before they were listed with a carbon credit registry. In seven of those cases, the fines for illegal deforestation by the projects' backers continued after registration. 'It's a failure of the whole idea,' said Raoni Rajao, who ran the Brazilian Environment Ministry's program combating deforestation until December. By paying people with a track record of violating environmental law, he said, the carbon market may be funding groups engaged in illegal deforestation. 'They might be reducing deforestation in one place, but increasing emissions somewhere else with those same resources,' said Rajao, now an environmental policy professor at the Federal University of Minas Gerais. Brazil levies fines to enforce laws putting strict limits on deforestation since 2008 in the Amazon, the world's largest rainforest, which has lost about a fifth of its original tree cover over the past half century. Scientists warn further deforestation could release catastrophic quantities of planet-warming carbon dioxide, accelerating climate change. — Reuters That has made the Amazon an important part of the voluntary carbon market, which was worth $7.6 billion globally over the last five years, according to market watcher AlliedOffsets. In this market, projects that show they are reducing greenhouse emissions – for example, by avoiding deforestation in parts of the rainforest – can generate carbon credits, each one equivalent to a metric ton of carbon dioxide saved. Polluters can then voluntarily buy the carbon credits to compensate for their own emissions. The referees setting the standards in that global market are accrediting firms such as non-profit Verra, the world's largest carbon credit registry, and its Colombian rival Cercarbono. They run systems certifying whether a project is reducing emissions as promised. Reuters examined thousands of pages of documents related to the 36 conservation projects in the Brazilian Amazon that had been certified by Verra or Cercarbono at the start of this year. Both provide public records of projects' designs, boundaries and credits issued. Reporters identified key players and cross-checked them against Ibama's database of fines. -- Reuters
Yahoo
19-06-2025
- Politics
- Yahoo
New charges accuse Bolsonaro of running spy ring from Brazil's presidential palace
Federal police have formally accused Brazil's former far-right president, Jair Bolsonaro, of presiding over an illegal spying network which allegedly snooped on political rivals, journalists and environmentalists during his administration. Bolsonaro is already facing the prospect of jail time over his alleged role in masterminding a military coup plot designed to help him keep power after losing the 2022 election to the leftwing veteran Luiz Inácio Lula da Silva. There is broad consensus among analysts that Bolsonaro's conviction is a foregone conclusion and the 70-year-old populist is expected to face arrest in the coming months once a supreme court trial concludes. The latest accusations relate to a two-year federal police investigation into suspicions that a 'parallel' intelligence agency was set up during Bolsonaro's 2019-23 administration in order to monitor those considered government foes. On Tuesday, police accused Bolsonaro's alleged former spy chief, Alexandre Ramagem – who ran Brazil's intelligence agency, Abin, from 2019 to 2022 – of running the clandestine operation and accused more than 30 others of being involved, including the president's politician son Carlos Bolsonaro. The news website G1 said investigators had concluded that under Bolsonaro members of Abin 'formed a criminal organization in order to monitor people and public authorities, invading mobile phones and computers'. Some of the information gathered was allegedly provided to a covert social media team that operated within the presidential palace and allegedly used illegally collected information as ammunition to launch online attacks. The targets reportedly included four supreme court ministers and powerful politicians including the former president of Brazil's lower house, Arthur Lira, and the then governor of São Paulo, João Doria, a prominent rightwing rival to the president. Journalists and public servants were also reportedly spied on, including Hugo Loss, a respected member of the environmental agency, Ibama, who was on the front line of efforts to protect the Amazon at a time when illegal loggers and miners were emboldened by Bolsonaro's anti-environment rhetoric and climate denial. Loss had worked closely with Bruno Pereira, the Indigenous expert and former government employee who was murdered in the rainforest region three years ago this month with the British journalist Dom Phillips. The newspaper O Globo said police believed the Bolsonarista spy network was created in order 'to make it possible for Bolsonaro to remain in the presidential chair'. Bolsonaro and Ramagem made no immediate comment on the accusations but have previously denied such charges. Carlos Bolsonaro responded to the allegations on X, suggesting that they were the result of a political grudge against his father's political movement. 'Was anyone in any doubt that Lula's PF [federal police] would do this to me?' he tweeted.
Yahoo
22-05-2025
- Business
- Yahoo
Petrobras Prepares Drill Ship Deployment for Oil Exploration in Amapa
Petrobras PBR, Brazil's state-controlled integrated oil and gas company, is accelerating preparations to deploy a drill ship to the northern state of Amapá, targeting the highly prospective Foz do Amazonas Basin. According to Reuters, final adjustments are underway to clear coral remnants from the vessel's hull, positioning the ship for departure by the end of May 2025. This movement is a crucial component of Petrobras' broader strategy to unlock what is widely regarded as Brazil's most promising new offshore oil frontier. Currently docked in Rio de Janeiro, the drill ship is expected to undertake a voyage spanning 20-30 days, placing its arrival in Amapá by late June. This logistical timeline is aligned with Petrobras' push to secure final approval for exploration activities in the Foz do Amazonas, a sedimentary basin located at the intersection of ecological richness and hydrocarbon potential. Significantly, Brazil's federal environmental agency, Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis (Ibama), has given its approval to an emergency response plan aimed at protecting local fauna in case of an oil spill. This approval marks significant progress in Petrobras' licensing journey. The next procedural milestone is a full-scale environmental simulation, which both Ibama and Petrobras must jointly schedule. While Petrobras is prepared to move forward, logistical constraints and personnel coordination within Ibama may delay the simulation beyond June. According to internal agency communications, the date will be set through mutual agreement, though some within the agency have acknowledged challenges in deploying the required teams swiftly. Adjacent to the Foz do Amazonas Basin is one of Brazil's most environmentally fragile areas, which is home to numerous coral reef formations and Indigenous coastal communities. These ecological and cultural considerations have formed the basis of sustained opposition to the drilling campaign. In 2023, Ibama rejected Petrobras' initial application to explore the region, citing insufficient measures to protect the unique biodiversity. Despite Petrobras' later appeals and revisions, many of Ibama's environmental officials remain unconvinced. An internal document signed in February emphasized that Petrobras' fauna rescue strategy had only a "remote possibility" of effectiveness, underlining persistent institutional resistance. The tension surrounding Petrobras' exploration ambitions reflects a broader national debate between Brazil's energy policy objectives and its environmental protection commitments. As the country seeks to diversify and expand its energy matrix, the Foz do Amazonas Basin represents a key asset in securing a long-term energy supply and potential revenues. However, these aspirations are counterbalanced by Brazil's international climate leadership and its pledges under the Paris Agreement. Internal divisions within the federal government have become increasingly apparent. While economic ministries and energy stakeholders advocate for responsible resource development, the Ministry of the Environment and environmental NGOs remain vocally opposed to drilling in the basin. Geologically, the Foz do Amazonas Basin shares characteristics with the oil-rich basins of Guyana and Suriname, where recent offshore discoveries have transformed regional energy dynamics. Industry experts have long considered Brazil's this side of geological formation as a high-potential zone for similar discoveries. Petrobras, with its deep-water exploration expertise and technological capabilities, is uniquely positioned to develop this frontier. The drill ship's deployment demonstrates Petrobras' dedication to pushing the boundaries of ultra-deepwater exploration and shows confidence in the reservoir's potential. While technical preparations are nearing completion, Petrobras' final authorization depends on the success and validation of the forthcoming environmental simulation. Ibama's response following the exercise will likely determine whether drilling can begin in the second half of 2025. Public scrutiny and judicial oversight also loom large. Environmental groups have threatened legal action if drilling proceeds without rigorous, transparent safeguards. Indigenous leaders in the region have requested additional consultations, highlighting potential impacts on ancestral fishing zones and marine life corridors. The upcoming deployment of Petrobras' drill ship to the Foz do Amazonas Basin marks a pivotal moment in Brazil's energy sector, highlighting the complex intersection of ecological responsibility and energy development amid heightened environmental scrutiny and pending regulatory approvals. If it goes ahead, this could lead to big new offshore oil discoveries and change Brazil's position in the global energy market. Currently, PBR holds a Zacks Rank #5 (Strong Sell). Investors interested in the energy sector might look at some better-ranked stocks like Subsea 7 SUBCY, which sports a Zacks Rank #1 (Strong Buy) and Comstock Resources, Inc. CRK and Expand Energy Corporation EXE, each holding a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here. Subsea 7 is valued at $4.87 billion. The company is a global leader in delivering offshore projects and services for the energy industry, specializing in subsea engineering, construction and installation. Headquartered in Luxembourg, Subsea 7 supports both the oil & gas and renewable energy sectors with integrated solutions, including subsea infrastructure, heavy lifting and life-of-field services. Comstock Resources is valued at $6.95 billion. Its shares have risen 109.6% over the past year. Comstock Resources is an independent energy producer in the United States, holding approximately 1.1 million acres primarily within the highly prospective Haynesville and Bossier shale regions of North Louisiana and East Texas. The company's core business involves the acquisition, exploration, development and production of natural gas and oil from these assets. Expand Energy is valued at $27.01 billion, with its shares rising 24.5% over the past year. Based in Oklahoma City, OK, Expand Energy is an independent natural gas production company. With significant interests in shale formations across Pennsylvania, Ohio, West Virginia and Louisiana, the company focuses on the acquisition, exploration and development of properties for producing oil, natural gas and natural gas liquids. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report Comstock Resources, Inc. (CRK) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report Expand Energy Corporation (EXE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
20-05-2025
- Business
- Reuters
Petrobras to have drill ship ready for travel to Brazil's Foz do Amazonas by month's end, sources say
RIO DE JANEIRO, May 20 (Reuters) - Brazilian oil firm Petrobras ( opens new tab will have a drill ship ready to make the trip to the northern state of Amapa by the end of the month, three sources close to the matter told Reuters, as the company rushes for a drilling license for the Foz do Amazonas basin. According to the sources, work to clear corals from the underside of the drilling vessel is almost done, and then it would be ready to leave for the region considered Brazil's most promising frontier for oil exploration. On Monday, Brazil's environmental agency Ibama approved state-run Petrobras' concept of an emergency plan to assist local fauna in case of an oil spill, with the firm now expected to run a simulation that it said is the last step before being granted the license. The drill ship would take 20 to 30 days to get to Amapa after leaving Rio de Janeiro, where it currently is, meaning the whole process could be done by end of June, said a source. The date for the simulation will be set in common agreement between Petrobras and Ibama. But it would be "difficult" for it to happen in June, a source at Ibama told Reuters, adding they would have to move personnel around to run the simulation. Ibama's staff was mostly against Petrobras' bid, having signed a document in February saying the plan to rescue fauna had only a "remote possibility" of being successful. The environmentally sensitive region is home to vast coral reefs, opens new tab, and coastal Indigenous communities. In 2023, Ibama denied a Petrobras request to drill in the area, which the company immediately appealed, stoking divisions in Brazil's government between environmental advocates and allies pushing for oil and gas development in the region.
