In December, 2017, a new National Biofuels Policy (RenovaBio) was signed into law. The Policy aims to reduce greenhouse gas emissions, improve the life cycle energy efficiency of biofuels, and promote the national biofuel industry. It calls for establishment of national carbon intensity targets, to be allocated among fuel distributers in proportion to their market share. Non-compliance can result in penalties between R$ 100 000 and R$ 50 000 000. The law further creates the framework for establishing decarbonisation credits (Crédito de Descarbonização – CBIO) for tracking and compliance with carbon emissions targets, as well as certificates reflecting the energy efficiency and carbon intensity of biofuels.