Brazil sets 2020 RenovaBio goal at 14.53 CBios

By Erin Voegele | September 15, 2020

The Brazil Ministry of Mines and Energy on Sept. 10 set the 2020 goal for the country’s recently launched national biofuels policy, RenovaBio, at 14.53 million decarbonization credits (CBios). The 2021 target was set at 24.86 million CBios.

The 2020 target was finalized at approximately 50 percent of the volume originally proposed due to the impacts of the COVID-19 pandemic on fuel markets. The 2021 target was reduced approximately 40 percent when compared to the volume originally proposed.

The RenovaBio goals ramp up to 90.67 CBios by 2030.

UNICA, the Brazilian sugarcane industry association, released a statement indicating the final RenovaBio goals are within industry expectations. Antonio de Padua Rodriques, technical director of UNICA said the next two years will bring a lot of learning for both buyers and sellers of CBios credits.