Brazilian government publishes decree that regulates the Carbon Market

In a new presidential Decree regulating the National Policy on Climate Change, the Brazilian government establishes procedures for the elaboration of Sectoral Plans for the Mitigation of Climate Change, allowing for the systematic operationalization of the carbon market.

The Ministries of the Environment and Economy will be responsible for proposing these sectorial Plans, in order to set measurable and verifiable gradual goals for the reduction of anthropogenic emissions and elimination of GHG sinks, considering different sectors’ specificities.

The Decree establishes a deadline for the productive and service sectors to present their proposals for the establishment of greenhouse gas emission reduction curves, considering the long-term objective of climate neutrality informed by the National Determined Contribution, NDC

The Decree also creates the National System for the Reduction of Greenhouse Gas Emissions, whose purpose is to serve as a single center for recording emissions, removals, reductions and offsets of GHG, and certified emission reduction credits’ trade, transfers and transactions.