Agriculture, Biofuel

March 10, 2025

Platts begins incorporating Brazilian CBIO carbon credit prices into Brazilian ethanol assessments

Platts, part of S&P Global Commodity Insights has begun including Brazilian CBIO carbon credit prices into its assessments of anhydrous, hydrous and Grade B ethanol for export, as well as its Raw Sugar Equivalent indicator, effective March 10, 2025.

Including the Platts CBIO price assessment better reflects the opportunity cost of forgoing the carbon credits when ethanol is exported instead of being retained for domestic consumption. Brazilian ethanol plants typically factor in the value of CBIOs when selling ethanol to trading companies for export. This approach allows producers to account for the missed opportunity of generating CBIOs, which would have provided financial reward for the plant and supported Brazil's decarbonization goals had the ethanol been used domestically.

The impacted assessments are:

  • AAXNR00 -- Hydrous ethanol ANP FOB Santos/Paranagua ($/cu m)
  • AAXNS00 -- Grade B ANP FOB Santos/Paranagua ($/cu m)
  • AATAE00 -- Anhydrous ethanol ANP FOB Santos (cents/gal)
  • AAWFO00 -- Anhydrous ethanol ANP FOB Santos ($/cu m)
  • AAWFP00 -- Anhydrous ethanol ANP FOB Santos (Real/cu m)
  • AAXOA00 -- Ex-mill Ribeirao Hydrous Raw Sugar equivalent (cents/lb)

The above assessments now include the daily Platts CBIO assessment (ACIBA00), assessed in Real/mtCO2e, as well as applicable tariffs and taxes associated with these CBIO transactions.

The assessments appear in the Platts price database under the codes above, in the Biofuelscan and in the weekly Fuel Ethanol report.

The incorporation of CBIO in the ethanol prices was first proposed in the subscriber note published Jan. 7, available here.

Please submit any feedback, comments or questions to mrts_biofuelsandfeedstocks@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if they are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make those not marked as confidential available upon request.