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Taking Brazilian bioethanol as an example, this paper presents possible sustainability criteria for a certification scheme aimed to minimize negative socio-ecological impacts and to increase the sustainable production of biomass. We describe the methods that have led us to the identification of a first set of feasible sustainability criteria for Brazilian bioethanol and discuss issues to be considered when developing certification schemes for sustainability. General problems of a certification scheme lie in the inherent danger of introducing new non-tariff trade barriers and in the problems of including important higher scale issues like land conversion and food security. A certification system cannot replace a thorough analysis of policy impacts on sustainability issues. [Copyright &y& Elsevier]

The global electricity sector is responsible for a large share of greenhouse gas. Renewable energy (RE) is a feasible alternative to maintain sustainable growth and economic development, as it appears to be a means to reduce emissions and decarbonize economies. Renewable energy projects present some uncertainties and flexibilities that are ignored by traditional methods of evaluation, such as the net present value (NPV), which can lead to undervaluation. This paper aims to assess the switch-output option and defer option for RE projects according to their features in the Brazilian electricity market. The real options approach (ROA) for RE projects seeks to capture the value of uncertainties and flexibilities that all projects have from an investor's point of view. Then, when we adopted a more sophisticated approach that values flexibilities and uncertainties for RE projects, it was possible to conclude that there was a clear increase in value when compared to traditional investment analysis methods like the NPV. • The penetration of renewable energy in the Brazilian Electricity Market is growing. • The Real Options Approach represents an alternative to traditional methods of investments analysis. • Real options deals with the inherent characteristics of renewable energy projects. • Real Options show an increase in value when compared to traditional methods. [ABSTRACT FROM AUTHOR]