In Brazil, a new regulation, Resolution No. 791, recently signed by the Ministry of Mines and Energy into the country’s national biofuels policy, RenovaBio, is expected to boost the ethanol sector with the new decarbonization targets for fuel distributors. RenovaBio will come into full force in January 2020 and is estimated to include investments of about R$9 billion (about $2.3 billion) for the ethanol sector and another R$4 billion (about $1 billion) for increased sugarcane production, Bento Albuquerque, Mines and Energy Minister told Rio Times.
The Minister told Rio Times that with the latest resolution, RenovaBio becomes the largest financing program for the country’s sugar-based energy sector. The resolution “will allow companies to receive investments with tax exemptions and encourage investors to expand operations, open new plants, or modernize existing ones,” according to Rio Times.