During meetings with Saudi counterparts, President Luiz Inacio Lula da Silva urged the Kingdom to join Brazil's energy transition. He ambitiously predicted that Brazil could become a leader in green energy within a decade.

A memorandum of understanding (MoU) was agreed upon, covering various sectors such as oil, gas, renewable energy, and academic research. The aim is to enhance cooperation and attract Saudi investment in Brazilian energy projects.

Saudi Arabia had previously pledged to invest $10 billion in Brazil, focusing on renewable energy and infrastructure. Nearly half of Brazil's energy in 2022 was renewable, with a significant increase in solar and wind energy production in 2023.

There is potential for growth in renewable energy in Brazil, particularly in solar, wind, and biomass. Experts highlighted the need for investment in both new renewable energy projects and the expansion of the country’s energy infrastructure.

Brazil also seeks Saudi partnership in green hydrogen, emphasizing good governance and firm regulations for successful initiatives. With Saudi Arabia aiming for zero carbon by 2060, there are ample investment opportunities in renewable energy and carbon credit projects in Brazil.

In addition to energy, Brazil is exploring cooperation in areas such as infrastructure, with potential privatization of ports presented to Saudi investors. Discussions also included enhancing bilateral trade, which leaders hope to increase to $20 billion by 2030.