Nation criticised for racing to exploit oil reserves, with huge subsidies proposed for the industry that run counter to its progressive stance at the talks and climate commitments

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 use up 7% of humanity’s emission budget if global warming is to be kept below 2C.

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