The Brazilian government plans to present a bill to Congress to regulate the carbon credits market and combat deforestation in the Amazon rainforest, announced Marina Silva, the Minister of Environment and Climate Change.
Silva expressed Brazil’s ambition to become a leading provider of comprehensive carbon credits and emphasized the country’s efforts to establish a regulated carbon market.
The bill’s drafting involves collaboration between the Finance, Environment, Industry and Commerce, and Agriculture ministries.
Given that 60 percent of the Amazon is situated in Brazil, Silva stressed the importance of positioning the country as an environmental leader, especially in light of the upcoming United Nations Climate Change Conference scheduled for 2025 in Belém, a city in the Amazonian state of Pará.
The carbon credit market could offer opportunities for the private sector to restore publicly owned areas affected by deforestation. Silva highlighted an innovative approach that involves granting degraded public lands to private initiatives for restoration.
Those who rehabilitate these areas will have the opportunity to utilize them and sell the generated carbon credits sustainably.
Furthermore, Silva emphasized that the global economy will increasingly value carbon sequestration and reject products that harm biodiversity or impact indigenous communities.
Carbon sequestration refers to removing CO2 from the atmosphere and storing it in ecological sinks.
The minister also supported the evolving multilateralism that addresses climate change challenges.
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