Brazil accelerates negotiations for Carbon Market with approval target before COP29

The approval of a Regulated Carbon Market in Brazil has once again moved the political agenda in recent weeks. This week, high-level meetings between interlocutors from the Executive and Legislative branches advanced negotiations around a consensus text.

Members of the Executive Branch have reinforced the government's desire to take the project's approval to COP29, which begins on the 11th in Baku, Azerbaijan. To approve the project before the COP, it must be discussed in the Plenary. until next Tuesday (5/11), as legislative activities will be suspended for the G20 (P20) Summit of Presidents of Parliaments.

The main challenge for the approval of the bill is to agree on a consensus text between the matters approved in the Chamber of Deputies and the Federal Senate. The agreement between the houses is essential to make the vote politically viable and to ensure that the text does not return for final deliberation by the Chamber, nor is it subject to possible legal action.

CEBDS continues to work in constant contact with stakeholders to ensure progress on the agenda, which is essential for the leadership of the Brazilian business sector in the global climate agenda.