Brazil Low Carbon Fuel Standard – 2020 Launch
In June 2019, the National Council for Energy Policy (CNPE) Resolution #15 approved the compulsory target to be met by fuel distributors for the 2020-2029 cycles.  In late December 2019, the RenovaBio program was officially launched (December 24, 2019).  The program ratifies the Brazilian government’s commitment to the Paris Agreement from 2016. The RenovaBio program is based on three main instruments:
1.     Annual carbon intensity reduction targets (CO2/MJ) for a minimum period of ten years.
2.     Certification of biofuels by efficiency in reducing GHG emissions.
3.     Decarbonization Credits (CBio).
Carbon intensity reductions in the transportation sector are expected to decline 10.2 percent to 66.1 g CO2/MJ by 2029 from a 2018 base CI of 73.6 g CO2/MJ. In order to guarantee the proposed targets, the Ministry of Mines and Energy (MME) estimated that 95.5 million CBios would need to be traded in 2029. Each CBio corresponds to one metric ton of carbon saved through the utilization of biofuels versus fossil fuels.
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Runner market commentary
Table 1
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