Brazil’s President Michel Temer approved the country’s yearly greenhouse gas emission targets for the next ten years. By so doing, the Brazilian government hopes to encourage the use of less polluting biofuels, like ethanol and biodiesel, meeting the goal, making Brazil less dependent on the global oil market, and cutting down fuel prices.
“We’re reducing our external dependence on fuel from 11.5% to 7%. Brazil will be less exposed to the changes in the price of oil worldwide and the fluctuation of foreign exchange,” the president said, referring to the strike recently staged by truck drivers protesting the increase in diesel, which led to a fuel crisis with gas stations running out of stocks throughout the country.
The targets brought forth by the National Council of Policy on Energy make up the National Policy on Biofuels (RenovaBio). They reduce 10% of carbon dioxide emissions in the country’s fuel network, going from today’s 74.25 to to 66.75 gram of carbon dioxide per megajoule—less 600 million tons of carbon dioxide released into the atmosphere by 2028.
According to the government, meeting the target will bring investments adding up to nearly $340 billion in the expansion of the production of biofuels in the coming ten years, and a reduction of at least 0.84% in the price of fuel to the final consumer during the period.
“[The approval of the targets] is meant to show the commitment of the Brazilian government with the quality of life around the world, with the possible benefit of lowering the price of fuel. These are measures that won’t have an effect tomorrow, but rather in the next ten years,” said Mines and Energy Minister Moreira Franco.