Brazil Senate Advances Bill for Regulated Carbon Market
- Goes back to lower house and needs to be signed by Lula
- Government wants law approved ahead of COP30 conference
The carbon market is also part of Brazil’s plan to halt deforestation in the Amazon and become carbon neutral by 2050.
Photographer: Dado Galdieri/BloombergBrazil is getting closer to setting up a regulated carbon market that will help to reduce emissions and expand forested areas after the Senate approved a bill on Wednesday.
The bill will go back to the lower house for debate and needs President Luiz Inacio Lula da Silva’s approval. It is moving forward at a time climate negotiators are meeting in Azerbaijan at the COP29 summit, where Brazil announced a new nationally determined contribution to reduce 67% of emissions by 2035 from 2005. The bill has become a priority for Brazil’s government as it prepares to host COP30 next year in the Amazonian city of Belem.