How the private sector can lead Brazil’s climate transformation

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Brazil needs a fresh narrative on the global stage regarding climate change. Despite offering key assets for decarbonizing the economy — like its largely renewable energy matrix — the country is still often reduced abroad to images of Amazon fires and political turmoil.

This is the view of Marina Cançado, founder of consultancy Converge Capital and co-creator of the Brazil Climate Summit. The event, held annually at Columbia University since 2022, returns for its third edition on September 18, just ahead of New York’s Climate Week.

The summit brings together top executives from banks, investment firms, Big Tech, agribusiness, and mining, providing a platform to explore Brazil’s solutions for reducing carbon emissions and fostering new investment opportunities — half of the participants are non-Brazilians.

For instance, the renewable energy grid in Brazil’s Northeast has drawn interest from artificial intelligence companies, which must balance their soaring energy demands with environmental commitments.

Beyond corporate giants, the summit also welcomes climate tech startups and academic voices. Notably absent, however, are indigenous groups and other traditional communities — key stakeholders who stand to be impacted by these discussions and who could contribute with valuable insights, particularly concerning the Amazon.

“At our event, we aim to shift the international view of Brazil and promote business,” said Ms. Cançado, emphasizing that the country is more than just the Amazon and citing advances in energy and agritech.

She spoke with The Brazilian Report about the goals and expectations for the 2024 Brazil Climate Summit.

The following interview has been edited for brevity and clarity. 

What gap does this event fill in the debates about Brazil’s role in tackling climate change?

The event was conceived in 2021 out of frustration — ours, and from businesspeople, investors, and financial market managers — with Brazil’s international image. The world saw Brazil only as a country of Amazon fires, deforestation, and political chaos, rather than recognizing the climate solutions we offer or our potential in the carbon market through reforestation, sustainable agribusiness, and conservation. This perception hinders capital attraction.

While this may have shifted somewhat, Brazil still wasn’t positioning itself as a leader in the climate and green transition agendas. The event aims to rebrand Brazil, showing the international community that, despite challenges, we have many solutions that contribute to the global decarbonization effort. We want to leverage New York Climate Week to reach key stakeholders in this space.

Before the former Jair Bolsonaro administration (2019-2022), Brazil’s diplomacy aimed to make the country a key climate player. Do you think that goal was unmet?

Brazil has participated in various forums, though its involvement has fluctuated. But at this event, we focus on the private sector, not the government. The international community hasn’t fully understood what the private sector is thinking or aiming for. Do they view these solutions for the climate as the pillars of Brazil’s future?

We aim to show that, despite government policies, the private sector is committed to scaling climate solutions, building partnerships, and attracting investment. Government negotiations are one thing, but private sector negotiations — on issues like carbon project methodologies — are also critical. Brazil needs to be at the table, especially since Europeans and Americans develop many methodologies with little understanding of our tropical forests or biomes.

We’ve also seen that the event creates connections, fostering business and investment opportunities. By the second edition in 2023, we attracted a significant international audience and many business deals. This year, we’re adding pitching sessions and matchmaking spaces, aiming to connect the dots more quickly to address the climate crisis.

How does the event tackle concerns about greenwashing, which is now common among companies using the ESG label?

We aren’t an ESG event; we focus on solutions for decarbonizing the economy. For example, aviation companies need sustainable fuel to cut their carbon footprint — we’ll have Latam, IATA [the International Air Transport Association], and other key players discussing how to meet this challenge, positioning Brazil as a potential leader. ESG practices aren’t the focus here.

Take critical minerals, for instance. Latin America is a major supplier, and Chinese companies are already coming to Brazil. We’ll discuss these challenges and how Brazil can capitalize on its resources. In another panel on forest restoration, we’ll connect international buyers, restoration leaders, and Vale, a Brazilian company with major decarbonization goals.

We carefully curate attendees, with the help of BCG Consulting, ensuring that panelists are doing globally or nationally significant work. We expect over 1,000 confirmed guests and have a growing waiting list of more than 500.

Why aren’t indigenous and traditional community representatives included, despite their stake in these issues?

The Brazil Climate Summit is just one of many events during Climate Week. It’s scheduled for Wednesday, as Thursday and Friday feature the UN Global Compact event, which focuses on social issues and participation. We’re partners with them. There are also other international events, like Casa Amazônia, where these voices are central.

Our event, however, aims to change international perceptions of Brazil and promote business. We want to emphasize that Brazil is more than just forests or the Amazon — we’re also a powerhouse in energy, mining, and agribusiness. This year, for example, we’ll discuss data centers. Brazil has great potential for them due to our clean, affordable energy, particularly in the Northeast, which could attract investment, generate jobs, and drive development.

The event’s agenda is specific to our audience, while complementary events cover the topics you mentioned. It wouldn’t make sense for us to replicate those discussions.

Which sectors stand out in this year’s Brazil Climate Summit?

Three new topics stand out this year. First, data centers, AI, and climate. A simple AI query uses 10 to 15 times more energy than a Google search. AI offers great potential, but we must address its climate impact. Big Techs, all of whom will be attending, are already making huge commitments to purchasing carbon credits and investing in reforestation.

Second, climate-centered tech companies. Many sectors depend on specific innovations, and startups are developing solutions. For example, producing food from mycelium requires extensive research and development.

Lastly, COP30. Everyone wants to know about Brazil’s role in the upcoming conference, so we’ll conclude with a panel featuring André Corrêa do Lago, the Foreign Affairs Ministry’s secretary for the climate, energy, and the environment. Other panels will focus on agribusiness and food systems, highlighting how Brazil’s partnerships — such as those with the Middle East — are advancing sustainable agriculture and food security.

How will the event address government policies, such as carbon market regulation, that impact the private sector?

We’ll have speakers like Luciana Costa from BNDES, Apex president Jorge Viana, and Geology Secretary Vitor Saback, so government voices will be present. Each of us also engages in advocacy in our fields.

But we’re focused on what the private sector can solve. One example is our forest restoration and carbon credits panel. Pachama, a company that developed its own carbon credit methodology, has formed a coalition with Big Tech companies committed to purchasing large volumes of carbon removal credits, even without regulation. That shows investors that there is international demand for this market.

While regulation is crucial, this initiative provides some stability for long-term projects. It’s important to note that the Brazil Climate Summit is run by volunteers. On Friday, we’ll hold a roundtable on forest restoration and produce a paper for stakeholders. However, we do not want to remain focused only on what the government must do — we also want to debate what the private sector can accomplish.

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