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Economy & Business - December 2024

BRAZIL: Playing catch-up with a carbon market

Boasting the world’s largest rainforest and one of the cleanest electricity sectors of any major economy, Brazil has long been seen as a natural leader in efforts to combat global climate change. But the country’s track record has been patchy, with ups and downs in combating deforestation and little progress in curbing emissions in the agriculture and energy sectors. Last year Brazil was the world’s fifth-largest emitter of greenhouse gases, according to 2023 data from the Emissions Database for Global Atmospheric Research. Now, coinciding with the COP29 United Nations (UN) climate conference in Azerbaijan and the leaders’ summit of G20 nations gathered in Rio de Janeiro in November, the government of President Luiz Inácio Lula da Silva managed to push through the chamber of deputies a long-stalled bill to establish a carbon market.

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