A Brazilian presidential decree that allows companies to convert fines for environmental violations into investments for ecosystem restoration projects—and at substantial discounts—is welcomed by a range of companies and industries in the country.
Petrobras, the state oil company, and Sanepar, the water-and-sewage-treatment company of southern Parana state, on Oct. 23 both publicly announced they would take part in the fine-conversion program.
“It’s a paradigm-shifting and innovative proposal to transform fines into relevant Brazilian environmental actions,” Solange Guedes, Petrobras director of exploration and production, told Bloomberg Environment.
The government believes the decree, which President Michel Temer signed ...
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