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Brazil's Ministry of Mines and Energy announced on Tuesday that Brazil has made a formal commitment to reduce greenhouse gas emissions from the country's fuel mix by 10 percent
by the end of 2028, under the new National Biofuels Policy (RenovaBio).
Brazil's Minister of Mines and Energy, Moreira Franco, said the targets will help meet commitments made under the Paris Agreement, as Brazil expects to reduce atmospheric carbon dioxide (CO2) emissions by 600 million tonnes by 2028, equivalent to the combined emissions of the country's fuel mix over the past two years
.
In addition, Brazil will encourage an increase in the share of biofuels from 20% to 28.
6%.
The government will also invest about R$1.
3 trillion in biofuel production during this period to reduce the country's exchange rate risk and international oil price risk
.
RenovaBio will set emission reduction targets for the fuel industry for a minimum period of 10 years
.
Given their involvement in the fossil fuel market, these targets will be set
separately for fuel distributors.
Brazil's Ministry of Mines and Energy announced on Tuesday that Brazil has made a formal commitment to reduce greenhouse gas emissions from the country's fuel mix by 10 percent
by the end of 2028, under the new National Biofuels Policy (RenovaBio).
Brazil's Minister of Mines and Energy, Moreira Franco, said the targets will help meet commitments made under the Paris Agreement, as Brazil expects to reduce atmospheric carbon dioxide (CO2) emissions by 600 million tonnes by 2028, equivalent to the combined emissions of the country's fuel mix over the past two years
.
In addition, Brazil will encourage an increase in the share of biofuels from 20% to 28.
6%.
The government will also invest about R$1.
3 trillion in biofuel production during this period to reduce the country's exchange rate risk and international oil price risk
.
RenovaBio will set emission reduction targets for the fuel industry for a minimum period of 10 years
.
Given their involvement in the fossil fuel market, these targets will be set
separately for fuel distributors.
