Make a Living ClubMake a Living Club
  • Home
  • News
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • More
    • Economy
    • Politics
    • Real Estate
Trending Now

Box Q3: Limited Alpha Ahead (NYSE:BOX)

December 5, 2025

John Wiley & Sons, Inc. (WLY) Q2 2026 Earnings Call Transcript

December 4, 2025

General Motors Company (GM) Presents at UBS Global Industrials and Transportation Conference Transcript

December 3, 2025

Verizon: Not A Value Trap, The Math Works (NYSE:VZ)

December 2, 2025

John Hancock Multimanager 2015 Lifetime Portfolio Q3 2025 Commentary

December 1, 2025

BitMine Immersion: Major Test Passed So Far (NYSE:BMNR)

November 30, 2025
Facebook Twitter Instagram
  • Privacy
  • Terms
  • Press
  • Advertise
  • Contact
Facebook Twitter Instagram
Make a Living ClubMake a Living Club
  • Home
  • News
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • More
    • Economy
    • Politics
    • Real Estate
Sign Up for News & Alerts
Make a Living ClubMake a Living Club
Home » Amazon nations summit faces fault lines on oil, deforestation
Commodities

Amazon nations summit faces fault lines on oil, deforestation

Press RoomBy Press RoomAugust 7, 2023
Facebook Twitter Pinterest LinkedIn WhatsApp Email

By Jake Spring

SAO PAULO (Reuters) – Eight Amazon (NASDAQ:) rainforest nations are expected to face divisions over proposals to block new oil drilling and end deforestation when they meet on Tuesday for their first summit in 14 years.

The meeting of the Amazon Cooperation Treaty Organization (ACTO) gathers heads of state from Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname and Venezuela for two days in the northern Brazilian city of Belem.

They will aim to forge unified policies, goals and positions in international negotiations on some 130 issues ranging from financing for sustainable development to indigenous inclusion.

But at a pre-summit meeting last month, Colombian President Gustavo Petro pushed his Brazilian counterpart Luiz Inacio Lula da Silva to block all new oil development in the Amazon. Brazil is weighing whether to develop a potentially huge offshore oil find near the mouth of the Amazon River.

“Are we going to let hydrocarbons be explored in the Amazon rainforest? To deliver them as exploration blocks? Is there wealth there or is there the death of humanity?” Petro asked in a speech alongside Lula.

Days later, Petro underscored the issue in an op-ed in the Miami Herald, writing: “As heads of state, we must assure the end of new oil and gas exploration in the Amazon.”

The debate over drilling for oil near the mouth of the Amazon has sparked fierce infighting in Lula’s seven-month-old government, pitting advocates for regional development against environmentalists.

Asked whether oil would factor into an accord at the summit, Brazilian diplomats told journalists last week that a joint statement was still being negotiated and economic development more broadly was under discussion.

A Brazilian government official, who was not authorized to speak to the media, said that Colombia was in an easy position to propose no new drilling in the Amazon because it did not have significant oil reserves there, unlike Brazil or Peru.

For his part, Lula pushed at the pre-summit meeting in Leticia, Colombia, for all countries in the region to pledge an end to deforestation by 2030. Only Bolivia and Venezuela have not yet made such a commitment.

Bolivia could be a barrier to such a regional 2030 pact, the Brazilian government source said. Primary forest loss there rose 32% last year amid fires and rapid agricultural expansion, according to Global Forest Watch.

The Bolivian government did not respond to requests for comment.

Other differences that could surface at the summit are more subtle disagreements about priorities. Colombia hosted the pre-summit meeting where top on the agenda was cross-border collaboration to address the rising threat of drug traffickers perpetrating environmental crimes in the Amazon.

Brazil, by contrast, has emphasized opportunities for sustainable development, reflecting Lula’s campaign platform focused on poverty reduction and conservation.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Russia mulls extra tax for some commodities exports, including metals – sources

Commodities September 21, 2023

Gold prices tumble as Fed talks higher rates

Commodities September 21, 2023

Crude oil prices endure downturn amid U.S. interest rate hike anticipation

Commodities September 21, 2023

China approves export licences for chip materials gallium, germanium

Commodities September 21, 2023

European energy crisis: ECB, IEA and EIB to strategize on systematic transition amid soaring prices

Commodities September 21, 2023

Federal Reserve interest rate signals prompt oil price dip

Commodities September 21, 2023
Add A Comment

Leave A Reply Cancel Reply

Latest News

John Wiley & Sons, Inc. (WLY) Q2 2026 Earnings Call Transcript

December 4, 2025

General Motors Company (GM) Presents at UBS Global Industrials and Transportation Conference Transcript

December 3, 2025

Verizon: Not A Value Trap, The Math Works (NYSE:VZ)

December 2, 2025

John Hancock Multimanager 2015 Lifetime Portfolio Q3 2025 Commentary

December 1, 2025

BitMine Immersion: Major Test Passed So Far (NYSE:BMNR)

November 30, 2025
Trending Now

United Natural Foods Q1 Preview: Doesn’t Seem Like An Exciting Opportunity Right Now

November 28, 2025

The housing crisis is pushing Gen Z into crypto and economic nihilism

November 28, 2025

Voya Infrastructure, Industrials And Materials Fund Q3 2025 Commentary

November 27, 2025

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

Make a Living is your one-stop news website for the latest personal finance, investing and markets news and updates, follow us now to get the news that matters to you.

We're social. Connect with us:

Facebook Twitter Instagram YouTube LinkedIn
Topics
  • Business
  • Economy
  • Finance
  • Investing
  • Markets
Quick Links
  • Cookie Policy
  • Advertise with us
  • Get in touch
  • Submit News
  • Newsletter

Subscribe to Updates

Get the latest finance, markets, and business news and updates directly to your inbox.

2025 © Make a Living Club. All Rights Reserved.
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.