Brazil to cut carbon credit goals for fuel distributors

In Brazil, Argus Media reports that Brazil’s hydrocarbons regulator ANP will reduce individual carbon credit targets for fuel distribution companies for 2020, after it halved the industry’s overall pre-pandemic target as a result of the economic slowdown.

“Brazil’s energy policy council CNPE slashed the overall 2020 target for the sale of Cbios – financial instruments traded on the B3 exchange that are issued to biofuel producers as carbon credits – to 14.53mn credits from the previous 28.7mn,” according to Argus Media. “The ANP said its next task is to adjust the individual Cbio targets for fuel distributors, which are required to purchase the credits from biofuel producers to offset the greenhouse gas emissions of their fossil fuel sales in the previous calendar year.