RIO DE JANEIRO, BRAZIL – A study conducted by ICC Brazil (International Chamber of Commerce) indicates that the country has the potential to supply 22% of the global demand for carbon credits.
Whenever there is less carbon emission in the atmosphere than established, the difference can be traded with other companies in the form of carbon credits.
To this end, ICC Brazil’s executive director Gabriella Dorhiac said that a number of prerequisites must be met.
One of them is that the country should endorse Article 6 of the Paris Agreement at the United Nations Climate Conference (COP26), which addresses precisely cooperation and regulation of the global carbon market.
The COP26 is scheduled to take place in November, in Glasgow, Scotland. If this materializes, Dorhiac highlights that “Brazil needs to create a structure for credit certification.” According to her, “it is a very powerful chain of benefits.”
In Brazil, the buying and selling of credits is currently done on a voluntary basis.