Mercado de carbono como mecanismo de enfrentamento da crise climática: desafios brasileiros para o desenvolvimento regulatório-institucional e consolidação dos mercados regulado e voluntário

Abstract

To address the current climate crisis, the international community has been working for decades to implement various strategies to mitigate the perceived impacts. More recently, the usage of carbon markets in their different modalities has proven to be an effective strategy due to its potential to induce sustainable behavior in various sectors of the economy. Although Brazil hosts several voluntary carbon market’s projects, it has not yet established a compliance emissions trading scheme. The current moment is decisive for the success of the measure at a national level, as proposals for a legal framework to launch the Brazilian compliance carbon market are under debate in the National Congress. Therefore, this work proposes, through a descriptive historical retrospective, to situate the reader in the debate, exploring foundational concepts of emission markets from both a legal and regulatory perspective and through the lens of Law and Economics. The aim is to establish the foundations of this new market to encourage discussions on how to better shape it in its legal framework and future regulations to be issued. Without the pretense of addressing all the challenges that must be faced to stablish an efficient legal framework, four sensitive topics have been elected to scrutiny to ensure, representatively, the success of the market-based instrument and the achievement of climate neutrality through the carbon market in Brazil.