Lula's Green Fuel Law Favors Farmers Over Oil Giant Petrobras [Financial Post (Toronto, Ontario, Canada)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — New legislation in Brazil is set to support farmers by pushing additional demand toward biofuels — and away from the fossil fuels produced by state-controlled oil giant Petroleo Brasileiro SA. At its final stages in Congress, the “Fuel of The Future” bill from President Luiz Inacio Lula da Silva's government creates broader mandates for biofuels, reinforcing Brazil's strategy of relying on its bountiful crops to address the energy transition. It's also a strong reminder for Petrobras of increasing pressure to invest in low-carbon alternatives. Brazil is already a huge biofuels' consumer, producing flexible-fuel cars that can run on ethanol alone. The legislation, which passed Wednesday in the Senate and now returns to the lower house, would further boost demand for the crop-based fuel by increasing the allowable blend of ethanol in regular gasolin
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