Brazil: Biofuels Annual

  |   Attaché Report (GAIN)   |   BR2021-0030

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Brazil: Biofuels Annual

The Brazilian Low Carbon market framework has successfully been set. Renovabio was implemented in late 2019 and has progressed well. CBio trading levels in 2021 (January thru early August) ranged from R$27 to R$34/metric ton (mt) of carbon or about US$5.1 to US$6.6/mt of carbon at the current exchange rate. The National Agency for Petroleum, Natural Gas, and Biofuels (ANP) has reduced the volume of biodiesel blended to diesel below the recommended levels since mid-2020, in an attempt to control biodiesel prices which drastically increased due to high prices of soybeans, major biodiesel feedstock. ANP has also proposed a new model for marketing biodiesel which should favor imports. Total ethanol production for 2021 is estimated at 30.43 billion liters, a decrease of 13 percent relative to the revised figure for 2020 (35.08 billion liters), mainly because sugarcane production has been severely damaged and sugar-ethanol producers have favored sugar production.

Western Hemisphere, Brazil
Biofuels

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