US, Brazil to work together on climate partnership, says Yellen

Brazil's Finance Minister Fernando Haddad shakes hands with U.S. Treasury Secretary Janet Yellen during the the G20 finance leaders' meeting in Rio de Janeiro, Brazil, July 26, 2024. /Tita Barros

RIO DE JANEIRO - The U.S. and Brazilian governments announced a climate partnership agenda on Friday, seeking to deepen ties on an issue they seen as key but treated as secondary by opposition in both countries.

Speaking on the sidelines of a G20 finance leaders meeting in Rio de Janeiro, U.S. Treasury Secretary Janet Yellen said that "advancing work on climate and on nature and biodiversity can bring benefits not only to both of our economies but also to the region and to the global economy."

"We want to be more close," said Brazil's Finance Minister Fernando Haddad, adding he expected these guidelines to turn into concrete actions very quickly.

The joint work between the U.S. and Brazil, the two largest economies in the Western Hemisphere, will focus on four key areas, including efforts to facilitate countries' ease of access to multilateral climate fund resources, a priority for Brazil during its G20 presidency this year.

Yellen also mentioned as pillars of this agenda the aim to bolster clean energy supply chains and efforts to improve the integrity and effectiveness of voluntary carbon markets.

Efforts to mobilize finance and develop innovative solutions to conserve and restore nature and biodiversity, including through multilateral development banks, are also on the agenda.

(Reuters)