The Federal Senate approved this Wednesday (13), the bill to regulate the carbon credit market in Brazil. The vote on the basic text was symbolic – that is, without the record of each parliamentarian's vote.
The aim of this market is to allow companies to offset their emissions by purchasing credits linked to environmental preservation initiatives. The idea is to encourage the reduction of polluting emissions and mitigate climate change.
As it was modified in the Senate, the text returns for a new analysis by the Chamber of Deputies. The vote by the senators occurred after months of negotiations between the Chamber and the Senate, both from the point of view of processing and in relation to the merits of the text.
The matter, which creates the SBCE (Brazilian Greenhouse Gas Emissions Trading System), was on the agenda of the Plenary last Tuesday (5), but had its vote postponed due to the complexity of the proposal.
The SBCE is a carbon pricing system created by governments that aims to contribute to achieving the commitments to reduce greenhouse gas emissions, assumed by the Paris Agreement.
In practice, the proposal regulates the country's toxic gas emissions trading system. This system is based on the cap and trade mechanism, in which emission quotas are established for regulated entities.
Companies that emit fewer tons of CO02 than the annual limit stipulated by the State earn credits, which can be sold to companies that exceed the limit.
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