Cop: Brazil to invest $40bn in biofuels by 2037

Brazil's range of clean energy initiatives under the Fuel of the Future program's umbrella should unlock R200bn ($40bn) in financing by 2037, mines and energy minister Alexandre Silveira said at the UN Cop 28 climate summit in Dubai.

Silveira told a panel on Monday that over R105bn will go towards state-level biofuels policy Renovabio, which establishes annual decarbonization goals for the fuel sector, and Rota 2030, a development program for the automotive industry.

According to him, R65bn are expected to be diverted to a mix of biofuel products — ethanol, biodiesel, e-fuels and biomethane — while developing hydrotreated vegetable oil (HVO) refineries should take up R8bn.

A R3bn share will be allocated towards emerging carbon capture and storage projects.

"Our country contributes and will continue to contribute vigorously to solving the complex challenges the world is experiencing, especially tackling climate causes and problems that are no longer debatable," the minister said.

He added that Inter-American Development Bank president Ilan Goldfajn and International Energy Agency (IEA) executive director Fatih Birol praised the country's Fuel of the Future program.

The green package, officially launched in September, aims to reduce emissions and boost the use of various biofuels in the country, including sustainable aviation fuel, HVO and ethanol.

It still requires congress' approval to become law.

By Vinicius Damazio