Abstract

The recent discovery of presalt oil reserves 3,000 metres below sea level has raised expectations on the potentially positive role of non-renewable energy resources in supporting Brazil’s economic development agenda. But in a global economy that is slowly attempting to move beyond high levels of carbon consumption, the petroleum sector is undergoing gradual transformations. The challenge for emerging resource-rich states like Brazil is therefore finding the balance between long-term environmental costs and short-term economic benefits. Not only will international demands for non-renewable energy remain high, these same resources can propel economic development for these aspiring middle-income countries. The task of this paper is to map out the different strategies to address the dilemma of growth, social redistribution, and environmental sustainability by critically examining whether these goals are being addressed in equal footing, and if they can be achieved at all. It examines the ways in which oil has been politically constructed in the public sphere as a tool for industrial development alongside intensifying efforts to strengthen renewable sources of energy. I argue that the state should play a far more central role not just in regulating the market of energy sector but also the externalities, which requires both market incentives and state-financed investment in achieving a more sustainable pathway of securing Brazil’s energy ne

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