Government proposal to give tax relief for offshore oil would increase emissions and contradicts the nation’s progressive stance in Bonn Brazil is planning a fire-sale of its oil resources before shrinking global carbon budgets push down demand and prices, environmental groups have warned.
The focus of concern is a government proposal for up to $300bn in tax relief to companies that develop offshore oilfields that opponents claim would exercise up 7% of humanity’s emission budget whether global warming is to be kept below 2C.
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Source: theguardian.com