Brazil’s development bank, the world’s biggest backer of renewable energy, will focus on clean energy while cutting support for fossil fuels as the country’s economic slump limits its resources.
The bank will boost its participation in financing for solar energy, maintain incentives for wind and reduce support for big hydroelectric plants and thermoelectric plants fueled by natural gas, according to BNDES’s infrastructure director Marilene Ramos. The bank will no longer invest in thermoelectric plants fueled by coal or oil.
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