BNDES has allocated a record amount for biofuels projects, aligning with both President Luiz Inácio Lula da Silva’s government priorities and agribusiness interests. In 2023, R$2.6 billion was approved, the highest in nine years, with expectations to exceed this in 2024. The financing targets ethanol, biomethane, and biodiesel projects, leveraging the “green agenda” for decarbonizing the economy. Notably, corn ethanol investments are increasing, reflecting a growing trend. BNDES emphasizes the pivotal role of biofuels in energy transition, aiming to increase their share in the transport energy matrix by 50% by 2033. The focus extends to biomethane’s potential as a diesel substitute in heavy vehicles, supported by agribusiness lobbying for market integration.
Source: Nova Cana
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