Today is Thursday, October 19, 2023.
Yesterday, October 18th, after procedures that followed the unanimous approval by the Environment Committee on October 4th, and approval by the Plenary of the Federal Senate on October 17th, Bill 412 / 2022 which "Institutes the Brazilian System of Greenhouse Gas Emissions Trading (SBCE)" was handed over to the Chamber of Deputies, heading towards final vote.
According to the senator and rapporteur of the project, in a statement also yesterday:
"Brazil has great potential to take on a leading role in the market for reducing greenhouse gas emissions, due to its vast vegetation cover, rich biodiversity and clean energy matrix based on renewable sources."
In other words, in the same vein as the report "Finding Pathways, Financing Innovation: Tackling the Brazilian Transition Challenge" launched by the World Economic Forum last August:
"The country has a mostly renewable electricity matrix, with 88% of electricity generation coming from clean sources in 2022. In addition, it is the second largest producer of biofuels in the world, with ethanol accounting for approximately 20% of the volume of fuels sold in the country. In the agricultural sector, modern planting and crop management techniques ensure high productivity and multiple harvests per year. Brazil still has 59% of its land covered by native forests and is home to the highest concentration of biodiversity on the planet. Brazil has the potential to be a catalyst for positive change in the global fight against climate change".
Click here for this 33-page report.
Back to the proceedings in Brasília, the senator adds: "I am sure that the Chamber of Deputies will be able to analyze the matter responsibly and in depth with the due sense of urgency [...]. Considering that COP-28 is approaching, I understand that it would be a great news for the world if Brazil manages to bring to this great event a sanctioned law regulating its carbon market". Click here for article on Agência Senado.
Click on the image below for the bill.
We recommend taking a look at the definitions contained in Article 2, especially items III, V, VI, X, XI and articles 10, 14, 26, 27, 44 and 50.
It is worth remembering that the deadline for public hearings on the Green Taxonomy and the Accounting Rules for Decarbonization Credits ends tomorrow, October 20th.
