Today is Wednesday, February 14, 2024.
Ash Wednesday in some countries. End of Carnival.
Even the expression "the year only begins after Carnival" is a popular phrase in Brazil, reflecting a peculiar cultural tradition. It is important to bear in mind that in that country the school year begins in February, after the longest summer break in the southern hemisphere. In other words, the opposite situation to the northern hemisphere, which has long summer holidays in the middle of the year and the school year starting in August. Perhaps this difference "favors" that popular Brazilian saying.
As last week we gave a quick alert on LinkedIn, today we published about the status of the 🇧🇷 Brazilian Greenhouse Gas Emissions Trading System (SBCE), which moved a bit on February 6th.
47 days since it was approved by the Chamber of Deputies (and 111 days since a first version had been approved in the Senate) - the latest version of the Bill was finally forwarded by the President of the Chamber to the President of the Senate.
Many things happened during this period, especially outside Brazil 🇧🇷. We quote a few:
After Carnival 🎉 and the beginning of the Chinese New Year of the Dragon 🐉, we continue to follow everything for you.
Also at the beginning of February, taking advantage of the momentum of samba times, ANBIMA - Brazilian Association of Financial and Capital Market Entities - sent suggestions to the public hearing of the CVM - Brazilian Securities and Exchange Commission - so that Fiagros - Funds of Investment in Agro-industrial Chains - can acquire carbon credits traded in the voluntary and compliance markets, regardless of whether they are regulated or not. Click on the image below for the ANBIMA press release.
In other words, the market pushing Brazilian regulations, which are significantly behind other countries. Only time will tell if this will be good or bad.
PS. As you may have read in the link above - COP-28 (I) in Dubai - we heard from Mohammed Chahim, member of the European Parliament and considered "one of the fathers" of the CBAM Carbon Border Adjustment Mechanism, that the allowances within the European ETS, launched in 2005, would end around the year 2038. This would signal the industry there to be fully decarbonized by then. Have you ever thought about it?
