After approval in the Federal Senate, the Chamber of Deputies also approved the bill that regulates the carbon market in Brazil (PL 182/2024). The text now awaits presidential sanction.
The main objective of this policy is to encourage the reduction of greenhouse gas (GHG) emissions, protect Brazilian products from export tariffs, finance the energy transition and attract investment to the country.
The Bill establishes the Brazilian Greenhouse Gas Emissions Trading System (SBCE), allowing companies and countries to offset their pollutant emissions through the purchase and sale of carbon bonds in the regulated market.
Among the instruments envisaged are the Brazilian Emission Quotas (CBE) and the Verified Emission Reduction or Removal Certificates (CRVE), with each CRVE equivalent to one ton of carbon dioxide (tCO₂e).
A management body will be responsible for regulating the system, defining standards and applying sanctions. The regulation will cover sectors that emit more than 10 tons of CO₂e per year. However, the agricultural sector, the second largest emitter of GHG in Brazil, will be excluded from the program.
The National Allocation Plan, created for each commitment period, will determine the maximum issuance limit, the quantity of CBEs to be distributed and the maximum percentage of CRVEs allowed for periodic reconciliation of obligations.
At the end of each cycle, regulated companies must prove the compensation of their net emissions through equivalent titles, adjusting emissions and reductions of greenhouse gases.
The implementation of the carbon market will occur gradually, over six years, divided into four phases:
- Phase 1 (12 to 24 months): drafting of regulations;
- Phase 2 (1 year): installation of measuring instruments and reporting of emissions from regulated activities;
- Phase 3 (2 years): submission of monitoring plans and emissions and removal reports to the managing body;
- Phase 4: validity of the first National Allocation Plan, with free distribution of CBEs and start of trading of assets in the regulated market.
The trading of CRVEs in the financial market will be supervised by the CVM (Brazilian Securities and Exchange Commission). However, the voluntary market will continue to allow for private transactions.
The text also prohibits the taxation of GHG emissions carried out by activities regulated by the SBCE, the standardization of which will be exclusive to the federal government.
This initiative aims to consolidate Brazil as a reference in the global carbon market, promoting sustainability and strengthening the country's economic competitiveness.
With information from the Câmara de Notícias Agency
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