U.S. Treasury, Brazil's Finance Ministry announce climate partnership

July 26 (UPI) -- The Treasury Department and Brazil's Ministry of Finance announced Friday a partnership to align best environmental and climate policies.

Officials from the Treasury and Brazil's ministry, known as the Fazenda, started working together in 2023 to address climate change and economic development.

The Brazil Fazenda-U.S. Treasury Climate Partnership will help foster public and private efforts between the two countries about climate change jobs and policies dealing with the environment.

"Brazil and the United States have a deep economic relationship through trade and investment and share a commitment to sustainable, inclusive development," the Treasury said in a statement. "We both recognize that climate and development go hand in hand and, when well-designed are mutually reinforcing and serve as catalysts for economic growth."

Treasury Secretary Janet Yellen said the United States and Brazil have deep ties from trade to investments and that the two of the largest economies in the Western Hemisphere can move climate change initiatives forward.

"Today's announcement also builds on significant efforts of teams at Treasury and Fazenda in recent years," Yellen said in a statement. "Since the start of the Biden administration, we have worked to increase collaboration with Brazil on shared priorities related to climate and the environment."

Yellen said the recent flooding in Rio Grande do Sul in southern Brazil in April was just the most recent example of the effects of climate change and the need of resilient infrastructure to save lives.

"It was one of far too many recent tragedies that reveal the grave threat that climate change and the loss of natural and biodiversity means to lives, livelihoods and economies around the world," Yellen said.