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Espírito Santo allocates oil resources to finance energy transition and decarbonization projects
The governor of Espírito Santo, Renato Casagrande (PSB), announced that the state will invest R$500 million in energy transition projects, financed with resources from oil royalties. This amount is part of the Sovereign Fund, created especially to direct resources to companies that adopt good socio-environmental practices and to encourage innovation.
The announcement took place this Thursday (14), on the last day of COP29, held in Baku, Azerbaijan, where leaders discussed measures to combat climate change.
The Sovereign Fund of Espírito Santo is unique in Brazil by using oil money to promote sustainability initiatives. With a possible increase in the amount, the amount allocated could reach R$1 billion, thanks to a partnership with the National Bank for Economic and Social Development (BNDES).
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R$500 million from oil
The collaboration, brokered by the Espírito Santo Development Bank (Bandes), opens doors for the injection of another R$500 million in industry sectors and sustainable infrastructure.
These energy transition projects will focus on strategic areas such as the use of renewable energy sources, increasing energy efficiency and replacing fossil fuels with more environmentally friendly options.
This initiative is part of the 2023 Espírito Santo Decarbonization Plan, which aims to reduce greenhouse gas (GHG) emissions in the State and strengthen the sustainable economy.
Holy Spirit as a reference
For Bandes CEO Marcelo Saintive, the investment could represent a turning point in the local energy scenario. “The creation of this partnership for potentially R$1 billion in decarbonization projects reflects the urgency of global investments in sustainability and reinforces Espírito Santo as a reference in the transition to a sustainable and resilient economy.”
With this measure, the Holy Spirit seeks not to just reduce your footprint carbon, but also attract investors who promote a greener economy and drive the development of energy transition projects in Brazil.
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