Environment

Bolsonaro’s carbon market regulations are only for show

A presidential decree fails to establish mandatory goals for carbon emission cuts and could create legal uncertainty around the issue, endangering the environment

Bolsonaro's carbon market regulations are only for show
Environment Minister Joaquim Leite signs a document during this week’s government-sponsored event on carbon markets. Photo: MMA/Flickr

On Thursday afternoon, Brazil’s federal government celebrated the issuance of a decree regulating the country’s carbon market, 13 years after it was first included in the national climate change policy. A look under the hood of the decree, however, left experts disappointed, saying it is an empty piece of legislation with little to no practical effect — and which could actually increase the lack of legal security surrounding carbon credits in Brazil. 

“It is a highly generic rule which fails to properly establish a regulated carbon market because it doesn’t specify the mechanisms of operation and price-setting,” noted...

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