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The Objective of the BNDES Credit Line Is to Stimulate the Reduction of Emissions in the Sector
The National Bank for Economic and Social Development – BNDES, approved a credit plan of 1 billion reais for biofuel producers, aiming to stimulate the reduction of emissions in the sector. The program called BNDES RenovaBio allows biofuel producers to reduce interest rates if they meet the CO2 reduction targets set by the bank.
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The Director of Credit and Guarantee at BNDES, Petrônio Cançado, said that “The program was designed to be complementary to the (federal program) RenovaBio, as it encourages the adoption of best productive and environmental practices”.
To participate, companies need to be part of the federal Renovabio program and have their headquarters and administrative office in Brazil. Applications must be submitted directly to BNDES by December 31, 2022.
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Renovabio Program:
Renovabio is a federal government program launched by the Ministry of Mines and Energy in December 2016, aimed at expanding the production of biofuels in Brazil, based on predictability, environmental, economic, and social sustainability, and compatible with market growth.
Loan and Interest:
Considering that the upper limit for each economic group is 200 million reais, the maximum value of each loan is 100 million reais per production unit. The total repayment period will be 96 months, including up to 24 months of grace period.
BNDES explained that if the client proves that they have met the planned CO2 emission reduction target after the grace period, interest rates may be reduced by up to 0.4%.
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