• Categories
  • Archives

Brazil Gets Ready to Sell Carbon Credits

The Brazilian Carbon Credits Market should begin activities in the second half of this year. The enterprise, which is being organized by Brazil’s Ministry of Development, Industry, and Foreign Trade, together with the BM&F (Bolsa de Mercadorias e Futuros – Commodities and Futures Exchange) will contribute to the reduction of greenhouse gas emissions into the atmosphere.

This action is in response to the Kyoto Protocol, since companies can use the market to sell quotas corresponding to the gases they fail to emit.


According to Virgí­lio Gibbon, the economic consultant responsible for the Carbon Credits Market project, the market should function in the Rio de Janeiro Stock Exchange.


“The Market project should be ready by this June,” he said. International trade in carbon credits, of which the Carbon Credits Market is a part, will operate as follows:


The Kyoto Protocol establishes that the most developed countries should reduce their greenhouse gas emissions by 5.2% between 2008 and 2012. The reference amounts are the indices registered in 1990.


Since it will be very expensive for industries in these countries to restructure themselves in order to reduce pollutent gas emissions, they will be allowed to “buy” quantities of carbon that fail to be produced by other signatory countries of the Kyoto Protocol.


This includes Brazil, which like other developing countries, is not obliged to reduce its gas emissions at this stage, even though it is already doing so. .


The companies that develop projects to reduce the emissions of gases into the atmosphere will be eligible to receive certificates from the Kyoto Protocol executive committee and sell them on the Carbon Credits Market.


Businessmen from developed countries that are unable to meet the 5.2% reduction target will be able to buy the “non-emission of carbon” quotas from other companies on the Brazilian Carbon Credit Market.


Translation: David Silberstein
Agência Brasil

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Be Patient: Brazilians Get Lessons on How to Make Deals with Arabs

Brazil's CCAB (Arab Brazilian Chamber of Commerce) has placed at the disposal Brazilians a ...

Brazilian Police Arrest for Illegal Logging Those in Charge of Protecting the Amazon

Brazil’s Federal Police arrested 78 suspects of involvement in wood extraction frauds in the ...

Currencies Swap Agreement Between Brazil and Argentina Postponed to August

Brazil and Argentina postponed the signing of a US$ 1.8 billion swap agreement that ...

RAPIDINHAS

There are elected members of Brazil’s Congress who spent heavily to win a seat, ...

The Best Pages of Our Lives

Which are the best books produced by the Brazilian literature this century? A panel ...

In Indy 500, Brazilians Bring Respect for the Past While Making History

Brazilians have always expressed a deep appreciation for the long (now 100 year) history ...

Grandmother Blasts Brazil for Selling Out Sean Goldman and Vows to Visit Him Soon

Silvana Bianchi, the grandmother of Sean Goldman, the 9-year-old American boy who was taken ...

Brazil and Uruguay Reinforce Scientific Ties

The governments of Brazil and Uruguay signed five cooperation agreements during Uruguayan President Tabaré ...

Experts May Call It Speculation But Brazil’s Property Funds Have a Bright Future

The ongoing growth of Brazil’s property market has become ever apparent with some estimations ...

Bookie Got Sweet Deal from Brazil Government

The corruption scandals engulfing Brazil’s ruling Workers Party, PT, was further stoked Wednesday by ...