Happy Friday! Today, Brazil looks set to make a compromise on carbon credits. A case study of pork-barreling in Brazilian politics. And the path to re-election is looking even tougher for Bolsonaro after latest polls.
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Brazil set to compromise on carbon market debate
Since the Paris Agreement in 2015, Brazil has been a major obstacle to the implementation of the accord’s Article 6, which regulates carbon markets. Brazil insisted on using old credits related to the 1997 Kyoto Protocol and wanted developing nations to have different targets to work toward, much less strict than those imposed on rich countries.
- In Glasgow for COP26, Environment Minister Joaquim Leite signaled that Brazil will give up on demands that countries must be able to export carbon credits without raising their climate goals.
But, but, but … Mr. Leite...