Brazilian carbon credit first trade at near $10/CBIO, RenovaBio’s public consultation period open til July 4

In Brazil, S&P Global Platts reports that the new Brazilian carbon credit, called CBIOs, had their first trade of 100 units at a cost of Real 50/CBIO ($10/CBIO), in which the Datagro Conference company was the buyer and an ethanol producer Adecoagro was the seller. Brazil´s Minister of Mines and Energy released the proposal to reduce RenovaBio’s mandatory goals and the public consultation period is open to receive commentaries until July 4.

The government’s RenovaBio program – aimed at cutting carbon emission in the country – was officially implemented on December 24, 2019, and the official trading of CBIOs in the Brazilian stock exchange, referred to as B3, started on April 27, according to S&P Global Platts. While the CBIO value in the first trade was within market estimates, sources were not expecting a trade to happen before the Ministry of Mines and Energy announces the official carbon-reduction requirements for the current year.