State-owned Brazilian bank invests $1.777 billion in biofuels
The fact that the ethanol industry is heavily subsidized does not come as a surprise for our readers. Take the case of Brazil, where the National Bank for Social and Economy Development (Bndes) is funding the biofuel industry with $1,777 billion US this year, which is 58.4 percent more than in 2006.Brazil has already replaced 25 percent of its gasoline use with ethanol. The country is ready for a mandatory 2 percent biodiesel blend from January 1st as well. So there's a market for all these biofuels.
Bndes is keeping an "active portfolio" of 96 biofuel projects with a value of about $6.3 billion US. The bank is following the Brazilian government policies of supporting biofuels actively. Bndes is the financial branch of the government, and finances infrastructures, industry and production, both for the public and private sectors of Brazil's economy.
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[Source: Agroinformacion via Econoticias]
Reader Comments (Page 1 of 1)
pkuhl 3:25PM (10/19/2007)
Too bad they have to cut down the lungs of the Earth to plant all that sugarcane.
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Tim 3:58PM (10/19/2007)
UN Calls for Five Year Biofuel Moratorium http://puregreencars.com/news/Green-Culture/UN-Calls-for-Five-Year-Biofuel-Moratorium.html
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Domenick 4:06PM (10/19/2007)
Agreed, too bad. Money can be so short-sighted.
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mike 4:13PM (10/19/2007)
Yes, an acre of Solar Panels would be More Profitable.
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