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Brazil: Lula sanctions law that allows the sale of carbon credits in forest concessions

President Luiz Inácio Lula da Silva has sanctioned, with a veto, Law No. 14.590, which amends three other laws, and releases the sale of carbon credits in forest concession areas.

For lawyers heard by ESG Practice, the move is an initial step for Brazil to follow through on its plan to reduce greenhouse gas emissions, the so-called NDC or Nationally Determined Contribution, agreed under the Paris Agreement but also leverages the emissions offset market.

The text came with a veto in the section that defined legal reserves as "areas registered to maintain wood stock, designated as technical . . .

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