Brazilian President Luiz Inacio Lula da Silva, Minister of Agriculture and Livestock Carlos Favaro and Brazilian President’s Chief of Staff Rui Costa met with representatives of the Brazilian Association of Vegetable Oil Producers (ABIOVE) and businessmen from the industry. They announced that they plan to invest US$10 billion in biofuels over the next few years. This is reported by
Brasil 247, a partner of TV BRICS.

“It was a very important event in terms of investment and guaranteeing Brazil’s commitment to sustainable production. It was a great demonstration of the confidence of the Brazilian business community in the agricultural policies of President Lula’s government,” said Carlos Favaro, Minister of Agriculture and Livestock.

ABIOVE representatives thanked the federal government for its environmental work, which is having a positive impact on soya trade. Among other results, the environmental policy has already led to a 48 per cent reduction in deforestation in the Amazon between January and August this year, compared to the same period in 2022.

The businessmen assured that they are ready to increase the share of biodiesel in diesel, as determined by the National Energy Policy Council (NEPC). After increasing the share of biodiesel from 10 per cent to 12 per cent in April, the figure will rise to 13 per cent in 2024. It will reach 14 per cent in 2025 and 15 per cent in 2026.

Biodiesel is a biodegradable fuel made from renewable sources such as vegetable oils and animal fats through a process that is far less polluting than petroleum derivatives.

Some businessmen have also announced their intention to invest in Brazil’s programme to turn degraded pastures into productive areas, which the federal government plans to launch later this month to diversify food and energy production.

They also announced their intention to increase investment in logistics infrastructure.

Photo:
IStock