Brazil Poised to Revolutionize Carbon Credit Markets

Brazil's lower house has approved a bill establishing rules for the country's carbon market, awaiting President Lula's approval. It proposes markets for regulated emissions caps and voluntary trading. The bill's timing aligns with UN COP29 decisions on a global carbon market and emphasizes Amazon rainforest conservation.

In a significant move towards sustainability, Brazil's lower house of Congress has passed a bill aimed at establishing a carbon market framework, pending only President Luiz Inacio Lula da Silva's approval to become law.

This landmark bill, which had previously secured Senate backing, outlines the formation of two carbon credit markets: one regulated with emissions caps for certain economic sectors, and another voluntary, allowing companies to offset greenhouse gas emissions.

The approval coincides with recent UN COP29 climate discussions, emphasizing the Amazon rainforest's vital role in climate change mitigation due to its carbon absorption capacity.

(With inputs from agencies.)