• 4 minutes U.S. Shale Output may Start Dropping Next Year
  • 8 minutes Read: OPEC WILL KILL US SHALE
  • 12 minutes Tidal Power Closer to Commercialisation
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 2 hours Why U.S. Growers Are Betting The Farm On Soybeans Amid China Trade War
  • 3 hours Trump to Make Allies Pay More to Host US Bases
  • 4 hours BATTLE ROYAL: Law of "Supply and Demand". vs. OPEC/Saudi Oil Cartel
  • 3 hours US-backed coup in Venezuela not so smooth
  • 14 hours Solar to Become World's Largest Power Source by 2050
  • 1 day Sounds Familiar: Netanyahu Tells Arab Citizens They’re Not Real Israelis
  • 5 hours Biomass, Ethanol No Longer Green
  • 22 hours THE DEATH OF FOSSIL FUEL MARKETS
  • 1 day Can OPEC CUT PRODUCTION FOREVER?
  • 1 day Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 1 day this is why Climate Friendly Agendas Tread Water
  • 19 hours Exxon Aims For $15-a-Barrel Costs In Giant Permian Operation

Breaking News:

Tesla Wants To Enter India Soon

Blackout Shuts Down Venezuela’s Oil Exports

Blackout Shuts Down Venezuela’s Oil Exports

A major blackout in Venezuela…

OPEC Threatens To Kill U.S. Shale

OPEC Threatens To Kill U.S. Shale

OPEC is ready to produce…

Brazil to Triple Funding for Renewable Energy and Biofuel Research

Brazil has one of the largest, fastest growing economies in the world, and also some of the largest offshore oil reserves in the word. However, rather than relying on that oil to fuel its economic growth it has decided to focus on renewable energies and biofuel.

The Brazilian government has announced that it will spend $2.85 billion on renewable energy and biofuel research and development, hoping that the new energy sources and technology will bring its energy industry into the modern age, and help it cut its carbon emissions.

Alexandre Tanaka, from Financiadora de Estudos e Projetos (FINEP) a Brazilian research and finance agency, told Bloomberg that the President Dilma Rouseff wants to triple the funds available to innovative technology companies, as the country attempts to become a supplier of quality energy technology and processes, as opposed to purchasing from other countries.

Related article: How Renewable Energy will Benefit from US Natural Gas Exports

Under a new government program aimed at encouraging development in innovative technology, FINEP and the Brazilian Development Bank (BNDES) will provide loans to any companies working on renewable energy or biofuel research at rates as low as 3.5%.

Mark Kenber, CEO of The Climate Group, said that the “government investment to support innovation in clean energy technology will drive job creation and offer green investors incentives and stability, which will help Brazil compete with in the fast expanding clean energy markets around the world.

Brazil has huge potential to lead the global clean revolution, and with plans like these it looks like the nation is now ready to kick-start such efforts.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News