Brazilian Agency May Offer Clean Energy Incentives

Source: Bloomberg, Stephan Nielsen (5/2/11)

"New agency will quicken the flow of funds and incentives to the sector"

A proposed renewable energy agency in Brazil may lead to more government incentives in the industry, a Bloomberg analyst said.

A bill that would create the new agency is being considered by the Senate's Comissao de Constituicao, Justica e Cidadania, after it was approved April 28 by another committee, the Senate said on its website.

Creating a national agency to formulate clean energy policies would mark a "change in mentality," for Brazil's government, which seems to consider renewable energy "too costly," according to Maria Gabriela da Rocha Oliveira, an analyst at Bloomberg New Energy Finance in the Sao Paulo office.

"The creation of this agency will accelerate the flow of funds and incentives to the sector," she said today by phone. "It's a small step but could lead to bigger steps."

The proposed Agencia Nacional de Energias Renovaveis would be responsible for formulating policies for solar, biomass, wind, marine and hydroelectric energy, according to the draft legislation.

If it is approved by the committee, the bill will be considered by Brazil's lower house. The Senate's Comissao de Servicos de Infra-Estrutura approved the bill April 28.

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