The potential contribution of emerging economies to stop dangerous climate change. The case of Brazil

Abstract

AbstractEmerging economies are designing and sometimes implementing low GHG emission development strategies (LEDS) that can be used as examples by other developing countries to avoid the high‐carbon development pathway established by industrialized countries. Using the example of Brazil, this Opinion Article discusses the need to design LEDS that are in line with the national resource endowment and political economy constraints. Brazil is very rich in natural resources with a huge potential for renewable energy deployment. Developed countries can compensate the lack of a similar resource endowment with technological and financial resources, while poorer countries will need technological transfers and financial support from the international community. On the other hand, Brazil is an oil producer and will need to carefully navigate the reduction in oil demand, driven by a global trend toward transport electrification, in order to avoid stranded assets. The article also discusses the need to choose the right instruments to overcome the economic, financial, and noneconomic barriers to mitigation options and achieve an economically and socially sustainable transition to a low carbon society. LEDS can be designed in a way that minimizes economic and social impacts if they are accompanied by policies aiming at a gradual reduction of inequalities, including governmental transfers to keep substantial social development gains, energy, and food security. LEDS can leverage each country's competitiveness while protecting the poor, and they can be made politically acceptable. If such policies are implemented quickly enough across the world, then it may be not too late to stop dangerous climate change.This article is categorized under: The Carbon Economy and Climate Mitigation > Benefits of Mitigation