The Climate Fund was created through the Brazilian Law 12.114 of 09/12/2012 and regulated by the Decree 7.343 of 26/10/2010 as an instrumento for the National Policy for Climate Change. The fund is tied to the Ministry of Environment and is meant to garantee resources for projects or studies and financing initiatives that foresees mitigation of climate change.
It has been announced on February 13th, 2012 by the Minister of Environment, Izabella Teixeira, and by Luciano Coutinho, the president of the National Economic and Social development Bank (BNDES) that the amount of R$ 360 million has been made available for the 2012 budget.
The lowest rate is 2,5% per year for solar energy projects, with a pay back period able to reach up to 25 years.According to Mrs. Teixeira, solar and ocean energy are the projects most likely to get support from the fund, being that wind and biomass industries in Brazil have already advanced significantly.
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