House to fast-track bill to regulate Brazil’s domestic carbon market

Congressman Marcelo Ramos, who sponsored carbon market regulations
Congressman Marcelo Ramos, who sponsored carbon market regulations. Photo: Pablo Valadares/CD/CC-BY 4.0

Congressman Marcelo Ramos, the deputy speaker of Brazil’s lower house, wants his colleagues to fast-track a bill regulating the country’s carbon market ahead of the COP26 climate summit. Over 257 lawmakers declared their support for the motion and want to approve the new legislation next week.

Passing regulations over carbon credits would be a welcome (and rare) positive move in regards to Brazilian climate policy. Last month, The Brazilian Report had already revealed the move was going to happen.

Meanwhile, the Foreign Affairs and Environment ministries will handle negotiations over Article 6 of the Paris Agreement in Glasgow during COP26 — with the country insisting on using old credits related to the 1997 Kyoto Protocol.

Per Mr. Ramos, domestic carbon markets could attract up to USD 72 billion in credit trade with foreign companies. He and House Speaker Arthur Lira agreed to bring the proposal to a floor vote by next week.  The idea is to put pressure on Brazil’s delegation in Glasgow, as the country’s position on Article 6 could lead the world to another stalemate in negotiations.