SAO PAULO (Reuters) – The Ministry of Mines and Energy published a decree on Wednesday establishing that, as of 2024, the deadline for proving purchase targets for Decarbonization Credits (CBios) by fuel distributors will once again be annual. and until December 31st.
The move was welcomed by biofuel producers, who are the issuers of the CBios, after the previous government extended deadlines amid a surge in credit prices. With the lengthening of the period in the middle of last year, the values of the papers retreated after maximums in 2022.
With the new decree, proof of compliance with the individual target for the year 2022 is maintained, exceptionally, until September 30, 2023. of the ministry.
However, proof for subsequent years will be up to December 31 of each year, and no longer March 31.
For the Minister of Mines and Energy, Alexandre Silveira, “the change from 2024 grants predictability to the distributors who are the obligated part of the RenovaBio Program and respects legal certainty”.
The ministry also said that, with this change, the CBios market will once again be synchronized in terms of issuance, supply and fulfillment of the target within the same calendar year, “providing predictability and strengthening the stability of rules by setting the original deadlines for proof of policy goals.
The program’s goal for 2023 is to avoid emissions of 37.47 million tons of carbon into the atmosphere – each CBio acquired by a distributor is equivalent to one ton.
The president of the Sugarcane Industry Union (Unica), Evandro Gussi, said that, with the change, the government corrects “an absurdity made last year by the then management of the MME”.
“The goals established by law were annual and were transformed into 21-month goals last year. The decree now published restores the commitment to sustainability and the fight against climate change, bringing the deadline, starting next year, as established in the RenovaBio Law”, said Gussi.
The decree also included the restructuring of the RenovaBio Committee, adapting it to the new composition of the federal government, with all the ministries that have an interface with the policy.
This movement strengthens and gives credibility to Brazil on the international scene, according to the chairman of the Board of Copersucar, Luís Roberto Pogetti.
“In addition to contributing to the country’s commitment to halving its carbon emissions, the decision to maintain the target and the deadline of twelve months for proof was right, since this gives the necessary security and predictability to the Program and the its participants,” he said.
It was not possible to immediately obtain a position on the matter from representatives of fuel distributors.
(Reporting by Roberto Samora)
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