Petrobras turns its back on biofuels now that it has divested

In Brazil, now that Petrobras has divested from biofuels in its attempt to raise funds to pay off massive $100 billion debt, it has come out against the government’s new RenovaBio program meant to raise biofuel production and consumption, claiming that biofuels negatively impact forests and threaten food production. It continued by saying that biofuel production was not required to meet climate change goals nor was the sugar industry prepared financially to invest in increased production. The statement was part of public comments published on the energy ministry’s website along with comments from trade associations and others.