Sistematização da operacionalização dos créditos de descarbonização - CBIOs

Abstract

As a means of achieving the set Paris Agreement decarbonization targets in 2015, Brazil has created the Política Nacional de Biocombustíveis, also called Programa RenovaBio. Established by Lei nº 13.576 of 2017´s December 26, the Programa RenovaBio [a national biofuel production improving program] has created the very first official country´s carbon credit – CBIO –, aiming to replace fossil fuels by biofuels, emphasizing first generation ethanol produced by sugarcane mills. CBIO is a decarbonization credit that may be trade on the Bolsa de Valores (B3) [Brazilian Stock Exchange]. In this way, the present work proposed to systematize all the operations that need to be carried out, from CBIO emission to its trading on the Bolsa de Valores, in order to bring subject´s common understanding, by addressing several aspects. A narrative bibliographic review was carried out to reach this goal. This review brought the following legislative content, in which Programa RenovaBio is based on: the Lei nº 13.576/2017, the Decreto nº 9.888/2019, the Decreto nº 9.964/2019 and the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) [National regulatory agency for the production and market of oil, natural gas and biofuels] resolutions nº 758/2018 e nº 802/2019. It was found in the legislative content addressed that the carbon credit was a means to encouraging biofuels producers – especially sugarcane mills – participation in the Programa RenovaBio. This is due to the issuance of CBIO assets, as there is a decrease of Greenhouse Gases (GHG) emissions in biofuel productive system, compared to its fossil substitute, such as ethanol and gasoline for example. In addition, there is a mechanism to guarantee the program in operation. This mechanism was to create CBIO compulsory buyers that are de distributors, which is obligated to acquire this asset in same proportion as the fossil fuel they market. To generate asset´s environmental ballast, the program created a tool denominated RenovaCalc, based on scientific methodologies elaborated by the Intergovernmental Panel on Climate Change (IPCC). In this tool, biofuels producers need to input data about their productive process. Then, companies certified by ANP will audit this data. Regarding to CBIO trading, it occurs at B3, in the over-count-market. One of mainly asset’s characteristics is that there is no expiration date. However, there is an operation made by distributors named asset’s retirement, required to achieve their targets set by law regarding decarbonization. It was concluded that the mechanism created by Programa RenovaBio might act as an addition factor in biofuels producers’ revenues as there is expansion of carbon credit market, while it can contribute to achieve Brazil´s decarbonization targets signed in Paris Agreement. On the other hand, one of the biggest program’s problems is in not to including independent feedstock suppliers to sugarcane plants, as they´re an important process part.