BRAZIL: RenovaBio is sanctioned by President Temer
Published: 12/27/2017, 4:11:36 PM
Brazil's president Michel Temer sanctioned the law that creates RenovaBio, a program aimed at boosting consumption of ethanol and other biofuels and contribute to reduce greenhouse gas emissions in the country, according to a document published at Brazil's official newspaper Wednesday, reports Sugaronline.
The program has already been approved by Brazil's Congress, and should be fully regulated within the next 18 months for implementation.
Brazil's sugarcane industry expects RenovaBio to incentivize a new wave of investment in the sector, after years of stagnation. The program establishes decarbonization targets for fuel distributors, who will be able to acquire credits to mitigate sales of other non-renewable fuels.
Sugarcane industry association UNICA said earlier this month that RenovaBio is expected to be effective by the 2019/20 season, after all the decarbonization targets and regulations are defined.