Brazil's lower house approves mandatory climate change adaptation - BNamericas English
Brazil's lower house approves mandatory climate change adaptation - BNamericas
Brazil's lower house approves mandatory climate change adaptation
Bnamericas Published: Wednesday, June 05, 2024
State Government Investment Climate change Legislation & Regulation Natural disasters / Health Crisis Private Investment Project Finance Public Investment Local Government Federal Government Public-private partnership (PPP)
Brazil's lower house approved a bill obligating the public sector to draw up climate change adaptation plans.
President Luiz Inácio Lula da Silva is expected to sign the bill into law soon. It mandates federal, state and local collaboration to evaluate plans and works to mitigate the impacts of extreme weather events, such as the floods hitting Rio Grande do Sul state.
Authorities must then review the plans every four years.
"The climate crisis unfortunately is already a reality. It's coming to affect all of us. We need to adapt our cities, our states and our country," the bill’s rapporteur Tabata Amaral said in a statement.
The bill comes in the wake of the floods in Rio Grande do Sul, considered the most dramatic extreme weather event in the country. Persistent rains during May affected large cities, killing hundreds and causing massive infrastructure damage, with the state’s economy grinding to a halt.
The airport serving state capital Porto Alegre, Salgado Filho, must undergo reconstruction and is expected to reopen at the end of the year, according to authorities.
"From the point of view of reconstruction and mitigation projects, we will likely see a lot of public investment in the coming months in the state," Gustavo Gusmão, the head of infrastructure, PPPs and the public sector at consultancy EY Brasil, told BNamericas.
"But the impacts will also be felt in future concession and PPP contracts, which will have to include much clearer items in their modeling in relation to climate risks in the projects. The government will have to find a way to incorporate clearly these risks into contracts to be offered from now on," said Gusmão.
While the disaster will be reflected in concession contracts like the one for the Salgado Filho facility, operated by Fraport Brasil, it is too early for an assessment.
"It is very difficult to estimate the impact because it is not just what was destroyed by the flood in the airports and the months that the airports will be closed, but we also do not know what the volume of passengers will be at the airport when it returns to full operation," added Gusmão.
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