Brazil is planning to hold a fire - sale of its oil resources before prices fall due to decreasing global carbon budgets , according to environmental groups including Climate Observatory , Greenpeace and WWF . The country ’s government is proposing up to $ 300bn in tax relief for firms that exploit offshore oilfields that campaigners argue would make up 7 % of the total emissions budget if the objectives of the Paris Climate Agreement are to be achieved . The areas that would be included in the sale are believed to contain oil and gas equivalent to 35 billion barrels of crude , or 20 billion tonnes of CO2 .
Brazil is planning to hold a fire-sale of its oil resources before prices fall due to decreasing global carbon budgets, according to environmental groups including Climate Observatory, Greenpeace and WWF. The country’s government is proposing up to $300bn in tax relief for firms that develop offshore oilfields that campaigners argue would use up 7% of the total emissions budget if the goals of the Paris Climate Agreement are to be achieved. The areas that would be included in the sale are believed to hold oil and gas equivalent to 176 billion barrels of crude, or 74.8 billion tonnes of CO2.