The Brazilian Senate is set to approve a significant bill this Wednesday introducing the Green Mobility and Innovation Program (Mover), aimed at increasing decarbonization requirements for the country’s automotive fleet.
This proposal was sent to Congress by President Luiz Inácio Lula da Silva in March of this year and received approval from the Chamber of Deputies last Tuesday, marking progress towards reducing carbon emissions in the transportation sector.
In this regard, the Mover program has been created to provide financial credits to companies investing in technologies and processes geared towards vehicle decarbonization.
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Starting in 2024, the Brazilian government will allocate 3.5 billion reais (625 million euros) to this program, increasing the amount annually to reach 4.1 billion reais (732 million euros) by 2028.
Allocation of funds in Brazil
In total, 19.3 billion reais (3.447 billion euros) will be invested in a joint effort to transform the automotive sector and decrease its carbon footprint.
The financing provided by Mover will facilitate Brazilian companies in adopting electric and hybrid vehicles, as well as improving charging infrastructure and promoting research into new transportation technologies.
These investments will contribute to reducing greenhouse gas emissions while laying the groundwork to position Brazil as a global leader in innovation and sustainability within the automotive industry.
Finally, to enable companies to meet the mandatory requirements of the program, Mover will offer financial credits proportionally to investments in R&D.
These credits will vary between 0.50 reais and 3.20 reais for every real invested, though it should be noted that they are subject to minimum percentages, yet to be specified within the regulations.
Latam Mobility & Net Zero Colombia 2024
“The Latam Mobility & Net Zero Colombia 2024” in Medellin will bring together the most important companies and leaders linked to energy, transportation, fuels, and mobility to showcase the advances and prospects of the industry in the country and the region.
The summit will feature a series of thematic panels and presentations that play a leading role in advancing sustainable mobility, decarbonization, the circular economy, and renewable energies, as well as outstanding networking opportunities to form key alliances on the path to zero emissions.
The event will take place from August 5th to 6th at the Orquideorama in the Botanical Garden, Medellin. To register, you can click here.
If you would like more information on how to participate and positioning options, you can send an email to info@investinlatam.org.
