Brazil – Saudi Arabia Summit: Focus on Renewable Energy and BRICS

Crown Prince of Saudi Arabia Mohammed bin Salman received in Riyadh Brazilian President Inacio Lula da Silva, who visited the Kingdom before traveling to Dubai, United Arab Emirates, where the 28th edition of the United Nations Climate Change Conference (UNFCCC 28) will open on November 30.

As the Agência Brasil press agency wrote, the negotiations focused on investments estimated at $10 billion that the Saudi Sovereign Fund committed to Brazil for 2024-2031.

Firstly, Saudi Arabia would like to finance the construction of some clean energy projects, including the production of green hydrogen. In addition, investments will be made in science and advanced technology, in sustainable agriculture, as well as in the infrastructure development of this Latin American country, which is paying close attention to the energy transition.

Finally, the President of Brazil informed the Crown Prince of the actions that the Brazilian government is taking to combat deforestation on the South American continent and, as a result, to slow down the development of the dangerous climate change phenomenon. In the next few days, President Lula intends to present these strategies at the climate summit that will take place in Dubai from November 30 to December 12.

According to sources in Riyadh, Prince bin Salman, in turn, recalled Saudi Arabia’s imminent membership in the BRICS group of countries, where Brazil is one of the five founding states (Brazil, Russia, India, China, South Africa). The Crown Prince stressed the importance of joining, hoping for the kingdom’s full participation in the New Development Bank, the BRICS lending institution currently headed by former Brazilian President Dilma Rousseff.