Generic Hero BannerGeneric Hero Banner
Latest market news

Brazil targets 53pc emissions reduction by 2030

  • Market: Emissions
  • 20/09/23

Brazil will increase its greenhouse gas (GHG) emissions reduction targets under its nationally determined contribution (NDC) to 53pc by 2030, compared with a 2005 baseline, environment minister Marina Silva told delegates at the UN's Climate Ambition Summit in New York city.

Last week, the country revoked the changes former president Jair Bolsonaro made to the 2015 NDC in which he set an emissions reduction target of 50pc by 2030 but he increased the 2005 baseline to make the aim more attainable. With the elimination of Bolsonaro's adjustments, Brazil was still limiting the level of emissions by 2030 to 1.2bn t CO2e.

But the country is going further than that, according to Silva. Brazil is targeting a reduction of 48pc by 2025 — from a 37pc target in the Bolsonaro era — and 53pc by 2030.

"This is despite that our historical responsibility is lower compared to richest countries," Silva said.

Silva highlighted the countries' achievements towards reducing deforestation of the Amazon rainforest since the administration of President Luiz Inacio Lula da Silva entered into force.

Deforestation has fallen by 42pc on the year since January. The country aims to reach zero deforestation by 2030.

"We would like to have a joint vision to protect our forests with other countries," Silva said, while adding that protection of forests is not enough to guarantee the path to net zero. The energy transition plays a much bigger role.

Brazil is promoting in New York the potential it has to be a clean energy hub given its vast renewable resources to produce clean electricity and biofuels.

The government has also promised to approve a draft law to create a new carbon market and legislation for renewable hydrogen, offshore wind and advanced biofuels.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
21/02/25

Japan selects Tomakomai as first CCS test drilling site

Japan selects Tomakomai as first CCS test drilling site

Osaka, 21 February (Argus) — The Japanese government has chosen Tomakomai in northern Hokkaido prefecture as the first location for exploratory drilling to develop commercial-scale carbon capture and storage (CCS) projects by the April 2030-March 2031 fiscal year. The trade and industry ministry Meti on 21 February selected the 9,624.99 hectare (96mn m²) area offshore Tomakomai city for test drilling to assess economic viability and safety of the potential CCS project. The information, such as cumulative storage capacity and annual injection pace as well as any stratum breaks, is necessary to move forward with the final investment decision on the project, a Meti official said. Meti is planning to hold a public tender to select a company that will adequately conduct exploratory drilling in the appointed area, with the bid open from 21 February-21 May. The government hopes to begin drilling by the end of 2025. Tokyo decided to start exploratory drilling in Tomakomai given that the area's underground structure can store CO2 and has a regional understanding of CCS projects, Meti minister Yoji Muto said on 21 February. The government-led CCS demonstration was conducted in Tomakomai, with around 300,000t of CO2 injected in 2016-19. Theoretical storage capacity at Tomakomai is 1.5mn-2mn t/yr, according to a consortium formed by Japanese refiner Idemitsu, upstream firm Japex and utility Hokkaido Electric Power. This is marginal compared with Japan's CO2 emissions of around 1bn t in the April 2022-March 2023 fiscal year, but is still 10-15 times larger than the 100,000 t/yr injection from the Tomakomai pilot project. The consortium is currently conducting feed front engineering design work to develop a CCS value chain in the Tomakomai area, supported by state-owned energy agency Jogmec. Japan's parliament approved a bill in May 2024 outlining administrative rules for domestic exploratory drilling and storage operations for CCS, which requires government permission. The regulations for test drilling operations took effect in November 2024, while regulations for CO2 storage and pipeline transportation will be enforced by 23 May 2026. Jogmec currently supports initial engineering works for nine CCS projects , including four overseas ventures, as part of Tokyo's strategy to ensure commercial utilisation of the technology by 2030-31. Meti has secured ¥32bn ($213mn) to assist with the projects. CCS is necessary to decarbonise the hard-to-abate industries, as well as to enable continued use of thermal generation to ensure stable electricity supplies. Meti previously estimated the country will need to capture and store around 120mn-240mn t/yr of CO2 by 2050 to achieve carbon neutrality. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

Oil, biofuel lobbies unite for ‘robust’ RFS: Update


20/02/25
News
20/02/25

Oil, biofuel lobbies unite for ‘robust’ RFS: Update

Updates with comments from trade groups, details throughout. New York, 20 February (Argus) — Oil and biofuel groups, at loggerheads years ago over the federal Renewable Fuel Standard (RFS), have united around a call for US regulators to set "robust" biofuel blend mandates for future years. A diverse coalition of 11 trade associations — including the American Petroleum Institute, Clean Fuels Alliance America, farm groups, and fuel marketers — said in a Wednesday letter to the Environmental Protection Agency (EPA) that the RFS is a way to "advance liquid fuels" and "ensure consumers have a choice of how they fuel their vehicles". They want EPA, which is behind schedule on setting volume mandates for 2026, to set multiyear standards that better reflect recent growth in feedstock availability and production capacity than past RFS regulations. "We're trying to send a signal to the administration: hey, we're in more agreement than we used to be," American Petroleum Institute vice president of downstream policy Will Hupman told Argus . "We want to work constructively with you on this. We understand we're going to need all energy sources and supplies." The letter reflects the increasingly aligning interests of groups that formerly split over biofuels. Many oil companies that opposed the RFS in its early years have since invested heavily in fuels like renewable diesel, making strong government biofuel mandates crucial for their businesses, too. And producers of petroleum and biofuel products alike fear that rising electric vehicle adoption, aided by policies during the administration of President Joe Biden, could curb liquid fuel demand. It is unclear how durable any coalition of oil, biofuel, and farm groups will prove, especially for more divisive issues like RFS exemptions for small refineries. The oil industry is not united either, since small merchant refiners with less ability to blend biofuels have generally been more hostile to the RFS than larger integrated companies. The American Fuel and Petrochemical Manufacturers, which did not sign the letter, said that it looks forward "to engaging with EPA and other stakeholders to set realistic and achievable RFS standards anchored in the law". Still, the letter reflects some attempt among the signatories to downplay disagreements that surfaced around past RFS rules, signaling to President Donald Trump's administration that it need not delay program updates. The groups say they support, for instance, "strong, steady volumes" of not just biomass-based diesel and advanced biofuels but conventional biofuels too. While refiners can meet conventional obligations by blending excess amounts of lower-carbon fuels from other program categories, oil interests have previously criticized EPA for setting conventional requirements above expected corn ethanol consumption. The prior US administration set a plan for proposing new RFS volumes next month and finalizing them by the end of 2025 , though it is unclear whether Trump officials plan to meet that timeline. Two biofuel groups have sued EPA over its delays setting new mandates, a process which in the past has resulted in the government and industry coming to a negotiated agreement around a new timeline. Under the RFS program, EPA sets annual mandates for blending different types of biofuels into the conventional fuel supply. Refiners comply by blending biofuels themselves or buying credits from those who do. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

US cites 'energy emergency' to expedite water permits


20/02/25
News
20/02/25

US cites 'energy emergency' to expedite water permits

Washington, 20 February (Argus) — President Donald Trump's administration is citing an "energy emergency" as the basis to fast-track nearly 700 water permits, including those tied to a tunnel for Enbridge's Line 5 pipeline, LNG infrastructure projects, solar farms and electric transmission lines. Trump declared a national energy emergency on his first day in office, unlocking permitting powers that are typically used in response to natural disasters. The US Army Corps of Engineers has subsequently reclassified hundreds of permit applications for review under expedited emergency procedures, in a move that environmentalists say they plan to challenge in court based on violations of the Clean Water Act and Endangered Species Act. "The Trump administration is planning to skirt legally-required review processes in order to fast-track permits for dirty energy projects under the guise of an energy ‘emergency'", Sierra Club policy director Mahyar Sorour said. The Corps is responsible for issuing water permits for projects that cross streams, rivers, wetlands and other water bodies. Issuing permits sometimes requires the agency to prepare a detailed environmental review that is open to comment and can take years to finish. The water permits classified for emergency treatment include a repair project for Sabine Pass LNG in Louisiana, dredging for Elba Island LNG in Georgia, temporary construction related to Port Arthur LNG in Texas, solar projects in dozens of states, and pipeline projects ExxonMobil is pursuing in Texas. Enbridge delayed construction of a protective tunnel for its Line 5 pipeline to 2026 because of water permitting delays . But environmentalists say the administration cannot cite an energy emergency — which they say does not exist — as justification to bypass permitting rules prescribed by the US Congress. The Corps has also provided emergency treatment to projects with no apparent connection to energy production, such as a housing project in southern California and a gold mine in Idaho, according to an online database. The Corps did not respond to detailed questions but said it was "in the process of reviewing active permit applications relative to the executive order." Congress is continuing to lay groundwork for a bipartisan permitting bill that supporters say could make it faster and cheaper to build pipelines, power plants, electric transmission lines, renewable energy projects and transportation infrastructure. But Democratic leaders are threatening to vote against such a bill so long as Trump continues to "pause" billions of dollars in funding for clean energy projects provided by the Inflation Reduction Act and other laws. "Until the administration shows it will honor its oath to faithfully and impartially execute the laws, we can have zero confidence that any legislative compromise on permitting reform will be executed lawfully," US senator Sheldon Whitehouse (D-Rhode Island) said at a permitting hearing on 19 February. Oil industry and renewable groups are continuing to push for a comprehensive permitting bill, which they say would bring down project costs and help the US meet surging electricity demand from data centers and manufacturers. Permitting changes are "needed for all technologies, and they are needed to meet our energy demand in the future," Business Council for Sustainable Energy president Lisa Jacobson said. "You can't walk away from those facts or that imperative." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

CO2 capture would extend US energy independence: Oxy


19/02/25
News
19/02/25

CO2 capture would extend US energy independence: Oxy

Calgary, 19 February (Argus) — Direct air capture of carbon dioxide (CO2) would extend the US' energy independence by more than 10 years, Occidental Petroleum's chief executive Vicki Hollub said today, but tax subsidies now at risk from the White House are still needed. The US could tap into another 50bn-70bn bls of oil by using enhanced oil recovery techniques with CO2 pulled in by direct air capture facilities, like the projects Occidental is developing, Hollub said on a call with analysts on Wednesday. Direct air capture technology removes CO2 from the atmosphere. Naturally occurring CO2 from underground formations is already used in enhanced oil recovery projects in the US, but it has limits, Hollub said. "There's not enough organic CO2 in the country to be able to flood all the [reservoirs] we're going to need to flood," Hollub said. Such projects are counting on 45Q tax credits offered through the Inflation Reduction Act (IRA) passed during the administration of former president Joe Biden. But President Donald Trump suspended IRA funds soon after taking office, criticizing it as "the Green New Scam". "We know that we have the capability to get the costs down on these direct air capture facilities," said Hollub. "But to get to where we need to be, we really need to have 45Q." Occidental's low carbon strategy has not yet changed since Trump took office. "President Trump knows the business case for this," said Hollub. "I've had several conversations with him." Occidental produced 1.46mn b/d of oil equivalent (boe/d) of oil and natural gas in the fourth quarter, the company reported on 18 February, up from 1.23mn boe/d in the fourth quarter 2023, largely due to its massive $12bn acquisition of CrownRock in August last year. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Trump asserts power over independent agencies


19/02/25
News
19/02/25

Trump asserts power over independent agencies

Washington, 19 February (Argus) — President Donald Trump has signed an executive order that claims to give him sweeping control over the budgets, policies and regulations of independent US agencies that oversee the energy sector, financial markets, trade and transportation. The order seeks to give the White House unprecedented control over the US Federal Energy Regulatory Commission (FERC), the US Commodity Futures Trading Commission (CFTC), the US Securities and Exchange Commission (SEC) and more than a dozen other independent agencies. Trump's order asserts that "so-called independent agencies" lack sufficient accountability and should be brought under his direct control. "For the federal government to be truly accountable to the American people, officials who wield vast executive power must be supervised and controlled by the people's elected president," according to the executive order, which was signed on Tuesday. FERC, the CFTC and the SEC did not respond to a request for comment. Trump's order would all but end years of attempts by the US Congress to shield agencies that oversee energy markets, trading, finance, maritime trade, railroads, and other businesses from excessive political influence. Congress made those agencies independent — often with a bipartisan board serving years-long terms — to ensure a degree of independence when agencies resolve business disputes, set market rules and issue new regulations. In Trump's first term, FERC's commissioners and Republican chairman rejected the administration's plan to push through market rules to bail out coal and nuclear power plants, based partly on the concerns that doing so would destabilize power markets and cost consumers billions of dollars. It remains unclear if the agency in the future could assert that degree of independence under the order. Trump's order would give the White House the ability to control independent agency budgets and require the appointment of a White House "liaison" in each agency. The order would require agency chairs to align their policies with the White House, subject all significant regulations to review by the administration, and would establish "performance standards" for agency leaders. The order provides an exception for the US Federal Reserve for monetary policy, but the agency's budget and its regulatory actions would come under White House control. Other agencies also covered by the executive order include the US Surface Transportation Board, the US Federal Trade Commission, the US Chemical Safety Board, the US Export-Import Bank, the US Federal Maritime Commission and the US National Transportation Safety Board. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more