Brazil’s National Oil, Natural Gas and Biofuels Agency issued Resolution No. 791/2019 establishing criteria for setting the mandatory annual greenhouse gas (GHG) emissions reduction targets that will be imposed on individual distributors of fossil fuels.
The targets will be calculated in proportion to each distributor’s GHG emissions considering their individual shares in the fossil fuel market.
ANP will establish the individual targets until 31st March of every year, which will be effective until 31st December of each year. The targets for 2019 will be made public at (www.anp.gov.br) until 1st July 2019.
Verification of compliance with the individual targets will occur based on the information provided by the stakeholders involved in the distribution, intermediation, negotiation and custody of decarbonization credits (CBIO), which must be acquired by distributors of fossil fuels. Failure to meet individual targets shall give rise to a fine.
ANP will publish annually on its webpage the percentage of achievement of the targets by each distributor of fossil fuels alongside the penalties imposed for non-compliance.
FELSBERG ADVOGADOS
Environment, Sustainability and Waste
Contact: fabriciosoler@felsberg.com.br; tassocipriano@felsberg.com.br
