Monday, 04 November 2024.
Last Saturday, November 2nd, after 9 months at a formal standstill in the Brazilian National Congress, Bill 182/2024 that creates the Brazilian Greenhouse Gas Emissions Trading System (SBCE) showed movement.
Despite the pending “presentation of an urgent request”, the following action is taken by the Legislative Secretariat of the Federal Senate:
“Included in the agenda of the extraordinary semi-presential deliberative session of 11/05/2024”.
In other words, tomorrow, Tuesday. Click on the image below and read it for yourself.
Just over a week ago, on LinkedIn, we commented on a post written by Diana Lins, which in turn cited an article from Agência Senado.
Diana drew attention to the Brazilian National Congress, indicating that it could regulate the local carbon market before COP-29 in Azerbaijan.
Interestingly, a few weeks ago a relevant group of Brazilian businesspeople took a stand in a Manifesto for the urgency of approving this bill, about which Carbon Credit Markets published an article in BrazilJournal, as you can remember here.
And there we commented on the Brazilian political moment, with the 2nd. round of municipal elections that was then approaching, in addition to the changes in the presidencies of the Chamber and Senate whose terms run until the beginning of 2025.
Like the 2nd. round mentioned above has passed, we repeat here our comments regarding that “Congress can regulate the carbon market before COP 29” post.
With the imminent resolution of other issues relating to carbon credits, at a legal, fiscal and accounting levels, Brazil is now cheering for the issue to actually evolve, despite similar “hopes” having occurred a year ago, before the COP 28 in Dubai, in addition to almost 20 years after the European Union established the Emissions Trading System (ETS) there, already with significant deliveries in terms of decarbonization, to the point of moving towards ETS 2. Not to mention CBAM, Carbon Border Adjustment Mechanism.
Finally, let’s remember that last week BRICS, a group of which Brazil is a part, took important steps towards creating its own carbon market. And in 2025, the next BRICS meeting will take place in Brazil. Just like COP 30.
We will see what awaits us in the coming days. COP 29 will certainly start in Baku on Monday, 11/11.
