LatinNews Daily - 20 November 2024

*Brazil’s lower chamber of congress has approved a bill (PL 182/2024) proposing a regulatory framework for the trading of carbon credits. The legislation was approved by the senate last week and has been submitted to the president’s office to be promulgated into law. According to the terms of the bill, Brazil’s regulated carbon market, known as the ‘Sistema Brasileiro de Comércio de Emissões de Gases de Efeito Estufa’ (SBCE), will be gradually implemented over the course of six years. The SBCE platform will be used for the negotiation of carbon emission quotas and for certification to verify the reduction of carbon emissions. A company must register on the SBCE any activity or initiative that emits over 10,000 tonnes of carbon dioxide equivalent (tCO2e) per year. Given the influence of the farming sector lobby in Brazil’s congress, the bill would exempt agribusiness companies from the SBCE.