Pro-coal amendment in Congress delays the arrival of offshore wind farms in Brazil

(Bloomberg) A battle in the National Congress to extend contracts for coal-fired thermal plants is blocking the arrival of the long-awaited offshore wind industry in Latin America’s largest economy.

A bill to regulate the sector is currently stalled in the Federal Senate, after a group of deputies presented a series of amendments, including one to extend coal-fired thermal plants until 2050. Environmentalist parliamentarians are unhappy with the maneuver, and even Petrobras criticized the measure.

How quickly Brazil can start offshore wind farms, which cost billions of dollars and can take nearly a decade to complete, is at stake. Brazil plans to use this clean energy to diversify its energy matrix and attract billions in foreign investment.

President Luiz Inácio Lula da Silva presented the green transition and decarbonization as one of the biggest priorities of his third government, and made climate change one of the main themes of the Brazilian presidency of the G20.

“There are a lot of big investors sitting with projects that they are very excited and optimistic about,” said Jonathan Cole, CEO of offshore wind company Corio Generation, which has already set up an office in Rio de Janeiro and says “it is already geared up awaiting licensing rounds. .”