Latin America Advisor
Energy Advisor
A Publication of The Dialogue
What Would New Carbon Regulation Mean for Brazil?
Brazil’s Congress is considering legislation to regulate the country’s carbon market, which could aid in President Luiz Inácio Lula da Silva’s efforts toward carbon neutrality. // File Photo: Brazilian Government.
Brazil’s Senate last month approved a bill designed to regulate the country’s carbon market, imposing a tax on companies that release more than 10,000 tons of carbon dioxide per year. Putting a price on greenhouse gas could potentially help fund President Luiz Inácio Lula da Silva’s promise to transition Brazil to a green economy and reach carbon neutrality by 2050. What chance does the bill, which is currently under consideration in the lower house of Congress, have of becoming law? What are the main arguments for and against it? What kind of impact would the bill have on business, especially in the agriculture sector? Could the measure help Brazil achieve net-zero carbon emissions over the next 25 years?
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William Wills, director for the Center for Brazilian Climate and managing partner at Eos Consulting in Rio de Janeiro: “The Brazilian carbon market bill, under discussion for nearly two years, has evolved significantly, with the current mature version garnering strong support from Congress, the government and stakeholders. It is likely to be approved this month, ahead of the United Nations Climate Change Conference, COP28. While not perfect, the bill is a significant and good compromise that aligns with the principles of the E.U. Emissions Trading System, showcasing Brazil’s commitment to market-based mechanisms for reducing emissions. The bill is pivotal for propelling companies, especially those emitting more than 25,000 tons of carbon dioxide emissions annually, toward reducing their carbon emissions, fostering innovation and…”
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A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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E. gkuleta@thedialogue.org
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