*Brazil’s President Luiz Inácio Lula da Silva has announced a series of measures to support the energy sector, including the new Política Nacional de Transição Energética (PNTE), a programme to boost investment in renewable energy, as well as initiatives to reduce the gas bills of consumers. The PNTE aims to link several policy programmes to boost renewable energy production that are already in place, such as the infrastructure investment initiative Programa de Aceleração do Crescimento (PAC). According to a government press release, total investment in Brazil’s green economy could reach R$2trn (US$364bn) in ten years. Lula also signed legislation yesterday which aimed to boost fossil fuel production, such as a decree to increase funding for offshore natural gas pipeline projects. Lula also unveiled draft legislation which proposes subsidising the gas bills of 20m low-income households by the end of 2025.
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LatinNews Daily - 27 August 2024
In brief: Brazil’s government boosts support for energy sector
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