The Environment Committee (CMA) met this Wednesday (28), at 9 am, in an interactive public hearing to discuss Bill PL 412/2022, which regulates the Brazilian Emission Reduction Market - MBRE. The implementation of the MBRE is foreseen in Law 12.187/2009, which established the National Climate Change Policy.
The bill aims to regulate the Brazilian Emission Reduction Market - MBRE, which according to Law 12.187/2009, will be operated on commodity and futures exchanges, stock exchanges, and organized over-the-counter entities authorized by the Securities and Exchange Commission - CVM, where the trading of securities representing certified avoided greenhouse gas emissions will take place.
The carbon credit market is a system of compensation for carbon dioxide and other greenhouse gas emissions. Through this mechanism, companies that have not achieved their reduction targets can buy carbon credits from those who have managed to reduce emissions or preserve forests.
The proposed law provides a legal framework aimed at ensuring legal certainty for all participants in the carbon credit market, while also assisting Brazil in meeting its emission reduction targets and financing mitigation activities.
Furthermore, the creation of a regulated carbon credit market would assist in transitioning to a low-carbon economy, encouraging ecological and energy transition, and driving the Brazilian economy towards sustainable actions.
Representatives from the National Association of Rural Producers for Freedom, the Brazil NBS Alliance, the National Bank for Economic and Social Development (BNDES), the National Council of Extractivist Populations, Embrapa, the Belém Letter Group, the Institute of Socioeconomic Studies (Inesc), the Ministry of Foreign Affairs, and the Climate Observatory participated in the public hearing.
SOURCE: Senate Agency
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