Brasília, July 17, 2023 - The Federal Government presented on July 12 the foundations of the proposal to regulate the carbon market in Brazil and hopes to see it approved by COP-30.
COP stands for Conference of the Parties, an annual meeting of the United Nations Framework Convention on Climate Change to discuss climate change, find ways to slow it down or mitigate its impacts. COP 30 will take place in Brazil, in Belém do Pará.
Rodrigo Rollemberg, Secretary of Green Economy and Decarbonization at the Ministry of Development, stated that the Brazilian Emission Reduction System - MBRE will follow the "cap and trade" model in which companies have a maximum limit of emissions set.
The Government's proposal defines the limit of 25,000 metric tons of carbon equivalent per year. If the proposal is approved, companies regulated by MBRE would receive emission quotas: those emitting less would have quotas for avoided emissions, and those emitting above the legal limit would have to compensate through the regulated market or part of the voluntary market.
According to Rodrigo Rollemberg, the government's proposed regulation is similar to what is practiced in other countries and envisions the coexistence between the regulated and voluntary markets, aiming to reduce emissions of greenhouse gases.
The Government's proposal envisions a gradual implementation of the Brazilian Emission Reduction System, so that the regulated sectors have time to adapt to the established rules.
The Government's proposal for the regulation of MBRE was developed with the participation of ten ministries, coordinated by the Ministry of Finance, with only the governmental decision remaining whether to send it to the Chamber of Deputies in the form of a bill or whether it will be incorporated into the regulatory proposals already under consideration in Congress.
Juliana Niederauer
Source: Rádio Câmara.
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