Brazil seeks IDB support for investments in energy transition minerals

Brazil's geological service (SGB) is garnering the support of the Inter-American Development Bank (IDB) to facilitate investments in energy transition minerals.

Representatives of both institutions met on Wednesday to discuss initiatives.

“The objective is to increase our research capacity so that we can carry out more activities that enable the identification of favorable areas for the discovery of strategic minerals," Valdir Silveira, director of geology and mineral resources at SGB, said in a statement.

"We know that Brazil has immense potential and, with our projects, we can contribute to the country becoming a major supplier of minerals essential for the decarbonization of the economy and changing the energy matrix," he added. 

SGB will prepare a document to be sent to IDB with projects and initiatives that can be supported by the multilateral institution.

"This work is directly related to IDB's mission, which is to promote the development of Latin American countries. The bank is one of the main sources of financing for projects with this purpose in the region," said SGB.