Brazil

This Country Framework is part of the Regulatory Frameworks for Project-Based Carbon Credit Markets. To learn more click here.

Overview

On December 11, 2024, the Brazilian government enacted Law 15.042/2024, which introduced a national carbon market system operating under a cap-and-trade system. The Brazilian System for Emission Trading (SBCE) establishes obligations for large emitters, a central registry for measurement, reporting, and verification (MRV), as well as transactions, and oversight mechanisms to ensure transparency, integrity, and market stability.¹ As of April 2026, exact details of market functioning, approved standards and methodologies, their interaction with Article 6, other compliance markets, and the voluntary carbon market (VCM) have yet to be defined. The SBCE does not include the agricultural sector,² which currently represents around 30 percent of the country’s greenhouse gas (GHG) emissions (around 70 percent, if changes in land use are included).³

It is important to note that while the law includes information about the compliance market, guidance on the project-based carbon credit markets (PCCMs) remains limited to defining the legal nature of voluntary carbon markets, jurisdictional REDD+ (Reducing Emissions from Deforestation and Forest Degradation) projects, and those located in indigenous territories. Broader regulations addressing specific supply-, demand-, or market-side aspects of PCCMs remain limited. Nonetheless, a selected number of credits from the voluntary carbon market may eventually be accepted in the compliance mechanism, granted they follow SBCE-approved methodologies (to be determined) and are registered within the SBCE as Verified Emission Reduction or Removal Certificates (CRVEs).⁴ In this sense, regulations for the SBCE will apply to project-based credits if they are to be accounted for under the compliance market. Note that only a predetermined portion of compliance requirements may be met with project-based credits. The exact percentage of the credits will be determined under the National Allocation Plan (PNA), which will be launched at a later stage of the market’s development.⁵ These credits shall then be removed from the VCM to avoid double counting.⁶

The five outlined phases for (compliance) carbon market implementation in Brazil are as follows:⁷

Phase 1 (12–24 months): Creation of the governing body and definition of which sectors will be monitored. Operational details as well as the regulatory foundation for market functioning will be defined.
Phase 2 (12 months): Operationalization of MRV systems. Companies shall report their emissions in a standardized way, creating a database that will allow for market monitoring.
Phase 3 (24 months): Companies will be obliged to present their emissions reduction and monitoring plans, providing the necessary information for creating the first PNA.
Phase 4 (no allocated timeframe): First cycle of emission allowance and free distribution of allowances. Launch of the first PNA will determine allowance quotas and VCM quotas.
Phase 5 (no allocated timeframe): Full implementation of the market and establishment of a secondary market, which will enable allowance trading and transactions between companies.

Additional next steps include details on integration with Article 6 for the SBCE, as well as details on the CONAREDD+ resolution for jurisdictional REDD+, which will provide further guidance on how the mechanism will work and be accounted for. The necessary methodologies and transparency requirements for the SBCE are still being developed.

Additional initiatives have emerged to try to boost PCCMs in the country, including one led by BNDES and Petrobras to purchase 15 million credits from afforestation, regeneration, and reforestation projects (ProFloresta+). The first public call for bids of 5 million high-integrity credits was released in November 2025.⁸ Additionally, the Rio de Janeiro (RJ) government launched a program that allows companies to redirect part of their tax service payments toward carbon credit purchases, although further details on how it will function and which activities will be eligible for tax incentives are still pending.⁹ The RJ program is methodology-agnostic and requires that projects be registered within Verra, the Gold Standard, or the Clean Development Mechanism.¹⁰ Authorities for the RJ market are not specified.

Other subnational initiatives include a proposal by the Brazilian state of Amazonas with the Norwegian embassy to develop a jurisdictional REDD+ program under the Architecture for REDD+ Transactions, which could be operational by 2027 and yield an estimated total of up to 200 million tons of CO₂ equivalent in credits.¹¹

I. Supply-Side Regulations

Available supply-side regulations pertain mostly to the proposed compliance market and thus do not directly apply to PCCMs. Although the overall framework on how the SBCE will function is included in Law 15.042/2024, detailed guidance on further enforcement, methodologies, and other market structures is under development, with binding elements expected once the SBCE becomes fully operational. As of April 2026, no approved methodology or registry for voluntary markets has been released.

A. Regulatory Framework

Market Classification: Regulations exist for the compliance carbon market. The exact relationship to the carbon credit market is under development.
Regulatory Status: Detailed guidance is under development for the compliance market and its relationship with the voluntary market.
Key Authorities: The SBCE will establish a governing body, housed under the Ministry of Finance, that will oversee the market structure and determine the approved methodologies for market functioning.¹² The governance framework also includes the Interministerial Committee on Climate Change (CIM), which serves as the SBCE’s decision-making body, defining high-level policy directions, approving general guidelines, and endorsing the National Allocation Plan, including emissions caps and allocation strategies.¹³ Other relevant authorities include the Ministry of Environment (nationally determined contribution [NDC] counting, internationally transferred mitigation outcomes [ITMO] eligibility),¹⁴ the Ministry of Indigenous Peoples (community engagement and compensation),¹⁵ and the Ministry of Science, Technology, and Innovation (annual emissions estimates, Article 6 accounting).¹⁶ The institutional architecture further includes a Permanent Technical Advisory Committee and a Regulatory Affairs Committee, which provide technical, scientific, and regulatory oversight, including formal consultation on measurement, reporting, and verification requirements and other core regulatory instruments.¹⁷
Sanctions: The SBCE law mandates due process, penalties, and administrative oversight for noncompliance, including rights of appeal and defense. Infractions can result in warnings, fines (up to 4 percent of gross revenue), suspensions of activities, or restrictions; minor violations may be corrected via notice. The law seeks to protect environmental integrity (avoid double counting, respect for privacy rights, credible measurement methodologies) while ensuring transparent governance and accountability.¹⁸

B. Credit Generation Standards

Eligible Activities: Exact activities are still to be determined. Jurisdictional REDD+ is specifically permitted as long as it follows preapproved methodologies by the National Commission on REDD+ (not yet released).¹⁹
Methodology Framework: Methodologies are to be approved by the SBCE governing body as the market evolves. An additional Brazilian-based certification system, called the Ecora Standard, has been created by BNDES, Bradesco, and the São Paulo–based EcoGreen fund to address the current dependencies on international registries, whose methodologies might not fully reflect the Brazilian context (these are mostly conservation and agriculture methodologies).²⁰ Whether these will be accepted by the SBCE governing body remains to be seen. Also, who will control the new standard is yet to be determined.²¹
MRV Requirements: Third-party verification and annual review of projects and methodologies will be required for the SBCE (exact MRV requirements have not yet been determined).²²
Registry System: The national SBCE registry, which will be linked to property registries for project sites, is under development.

C. Integrity Principles

Additionality Tests: There is no direct mention of additionality tests or methodologies. It is therefore implicit within robust MRV and third-party validation.
Permanence Safeguards: There is no direct mention of permanence requirements or specific timelines. It is therefore implicit within the MRV and certification standards.
Quantification Standards: Standardized reporting, robust quantification, and third-party verification are required.²³
Double-Counting Prevention: There is an explicit prohibition of double counting under the SBCE. VCM and compliance credits cannot be used simultaneously.²⁴

D. Sustainable Development

Co-benefits: Five percent of the SBCE’s revenue shall be dedicated to indigenous communities and the conservation of native vegetation. VCM credits are thus likely to follow a similar approach as they are eventually included.²⁵ Moreover, 50 to 70 percent of the revenue from credits generated in indigenous territories shall be reverted to the local community.²⁶
Net-Zero Compatibility: SBCE law references Paris Agreement targets (“well below 2°C”) and Brazil’s NDC,²⁷ but no specific details are provided.

II. Demand-Side Regulations

Law No. 15.042/2024 does not provide details regarding demand-side requirements. There is no guidance for project-based carbon credit markets. For the compliance market under the SBCE, demand-side guidance states that entities within the covered sectors—which are yet to be defined—should report their emissions if above 10,000 tons of carbon dioxide equivalent (tCO₂e)/year.²⁸

Article 56 of the law requires participants of the national insurance, capitalization, and private pension system to devote over 0.5 percent of their technical reserves (funds that insurance companies are legally required to set aside to ensure they can pay future claims and fulfill all obligations to policyholders) to carbon credits or funds investing in carbon credits. This article is still under revision, and therefore, its exact implementation has not yet been defined.²⁹ The lead secretary of the SBCE’s interim governing body has identified advancing this piece of legislation as a priority.³⁰

A. Use Authorization Framework

Applications Allowed: Both voluntary and compliance use, pending the National Allocation Plan to determine what percentage of VCM credits will be allowed.³¹
Regulatory Status: There is limited guidance on the demand side.
Oversight Bodies: The SBCE governing body oversees and approves supply-side rules and eligible methodologies. A Technical Permanent Committee supports this process by providing technical and methodological assessments.³²
Standards Integration: These have not yet been specified for PCCM.
Enforcement Mechanisms: These are under development for the compliance cap-and-trade system, but have not been specified for PCCM.

B. Corporate Use Requirements

Mitigation Hierarchy: This has not been specified.
Scope Coverage: This has not been specified.
Quality Standards: These have not been specified yet, but are expected to be aligned with SBCE-approved methodologies.
Accounting Treatment: Compliance and PCCM credits are treated differently. Both are equal to 1 tCO₂e. Compliance credits are considered Brazilian Emission Quotas (CBE) and follow a cap-and-trade (i.e., allowance) model. Credits from the voluntary carbon market may be considered for the SBCE once the credit is registered as a CRVE. The exact quota of VCM credits to be allowed will be determined in the National Allocation Plan.³³ There is no disclosure on different accounting treatments for the demand side at this stage. Annual disclosure and reconciliation are required for the compliance market once emissions exceed 25,000 tCO₂e.³⁴

C. Transparency and Assurance

Public Reporting: Eligible compliance market companies must submit a yearly monitoring plan, according to predefined rules by the SBCE.³⁵ Project-based credits transformed into CRVEs will thus be reported in this plan.
Third-Party Verification: This is under development. PCCM credits to be traded in the SBCE shall follow SBCE-approved methodologies (to be released), undergo independent third-party verification, and be registered in the SBCE.³⁶
Science-Based Targets: None have been specified.
Policy Advocacy: For the SBCE, there is an acknowledgment of the Paris Agreement for ITMO compliance.³⁷

D. Market Integrity Protection

Anti-greenwashing: No explicit framework has been disclosed. Buyers cannot be held legally responsible for defects related to the underlying project or land in which the project is developed.³⁸
Co-benefits Delivery: None have been specified for the demand side.

III. Market-Side Regulations

Law No. 15.042/2024 provides only high-level guidance on the institutional and infrastructural elements of Brazil’s carbon market and does not establish detailed market-side rules for PCCMs. While the law lays the foundation for a government-managed compliance market under the SBCE, including the creation of a central registry and oversight structures, key aspects of trading infrastructure, price formation, settlement mechanisms, and secondary market operations remain under development. Participation of carbon credits on the market side is conditional upon their potential recognition as CRVEs and their registration within the SBCE, subject to future methodological approval and quantitative limits to be defined under the National Allocation Plan. As a result, current market-side activity for PCCMs in Brazil is largely shaped by pilot initiatives, financial market actors, and subnational or voluntary platforms operating alongside the emerging compliance framework, pending further clarification from SBCE regulations and the Brazilian Securities and Exchange Commission (CVM).

A. Infrastructure Framework

Market Structure: The government-administered cap-and-trade system (SBCE) is expected to be supportive of VCM credits if they are registered on eligible platforms. The national stock exchange, B3, has also partnered with ACX (AirCarbon Exchange) to provide a platform on which project developers and other credit issuers will be able to sell their credits to companies that wish to voluntarily offset their emissions.³⁹ The pilot project for the B3-ACX initiative was launched at New York Climate Week 2025. As of April 2026, it only includes credits traded under the PSA Carbonflor methodology, created by ECCON Soluções Ambientais and Reservas Votorantim.⁴⁰

An additional initiative by the state-owned bank Banco do Brasil was launched during the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP 30) in November 2025 to establish a carbon-trading desk that serves both domestic and international clients.⁴¹ The state-owned bank’s initiative aims to connect projects funded by the bank to national and international buyers who wish to voluntarily offset their emissions.⁴² No further details on how the trading desk will operate have been disclosed.

Registry Operations: Project developers are responsible for registering the projects in the SBCE. No specific requirements for buyers have been provided. The recording of ownership transfers and credit cancellations happens in the Central Registry, managed by the SBCE, but the obligation to register and report lies with project developers and operators.⁴³
Data Standards: None yet disclosed for SBCE. If it is established that CRVEs are considered financial assets within a company’s balance sheet, or traded in capital markets, they shall follow the data requirements applied by the CVM to ensure adequate regulation, transparency, supervision, and oversight of these assets.⁴⁴

B. Trading and Participation

Eligibility Rules: These are under development.
Trading Mechanisms: Credits from the compliance market will be registered in the SBCE platform. VCM credits are recognized as CRVEs if methodologies are approved and if within the approved quota. A partnership between ACX and B3 has been established to support voluntary interactions between credit issuers and potential buyers.⁴⁵ The B3-ACX platform will function under auctions, negotiations, and spot-selling systems.⁴⁶
Settlement Systems: These are under development.
Price Discovery: The SBCE management body is responsible for defining and implementing price stabilization mechanisms for CBEs to manage market price volatility.⁴⁷ In carrying out this mandate, the management body may consider measures to support international competitiveness, including border adjustment mechanisms.⁴⁸ The specific design, management, and operationalization of price stabilization mechanisms for SBCE assets will be established within each National Allocation Plan.⁴⁹
Oversight Authority: The SBCE governing body is responsible for the oversight of SBCE-approved credits.⁵⁰ The CVM establishes requirements for credits traded under the B3-ACX platform that are considered financial assets.⁵¹
Legal Classification: When traded in the financial market, credits are considered financial securities and will be regulated by CVM.⁵² Under the SBCE, carbon credits are legally tradable assets (“civil fruits”), equal to 1 tCO₂e, from verified projects or programs, recognized under credible methodologies preapproved by the SBCE governing body.⁵³

C. Market Integrity Safeguards

Anti-Manipulation and Fraud Prevention: There will be detailed reporting of credit issuance in the SBCE, including registration identification.⁵⁴ Exact fraud-prevention provisions have not yet been established by the CVM.⁵⁵
Transparency and Reporting Requirements: These are under development.

D. Financial and Cross-Border Integration

Financial Regulation Integration: CVM oversight for credits treated as financial assets ensures securities law integration.⁵⁶
Cross-Border Trading Framework: Although not currently covered in the regulation, compatibility with Article 6.2 is anticipated.⁵⁷

E. Development Road Map

Infrastructure Plans: The SBCE registration regulation, as well as how exactly it will relate to the voluntary carbon market, has not yet been defined.⁵⁸ The B3-ACX platform is expected to include other methodologies, although the exact timeline remains unclear.⁵⁹
International Cooperation: The B3-ACX platform is expected to support credit trading for international buyers.⁶⁰ No regulation on how SBCE-traded credits will relate to Article 6 mechanisms has been included thus far.
Regulatory Evolution: Integration with broader financial markets remains under discussion, but will fall under the jurisdiction of CVM.⁶¹
Enforcement Enhancement: No specification of next steps as of yet. Broader regulations for both SBCE and CVM-overseen markets are under development. It is expected that further information on enforcement will thus be available.

References

Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199. ↩
Ibid., Article 44. ↩
Plataforma SEEG, “Total Emissions,” Historical Series, Observatório do Clima, 2023, https://plataforma.seeg.eco.br/?yearRange%5B0%5D=1990&yearRange%5B1%5D=2023&emissionType%5B0%5D=1&gas=8&groupBy=Sector&rankBy=State&filtersTab=highlights&statisticsTab=historical. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Article 42, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199. ↩
Brazilian Ministry of Finance, Roteiro de Implementação do Sistema Brasileiro de Comércio de Emissões de gases de efeito estufa–SBCE, Publicações: Guias e Manuais, 3, January 21, 2025, https://www.gov.br/fazenda/pt-br/central-de-conteudo/publicacoes/guias-e-manuais/2024/241209-crtlh-implementacao-sbce-v4.pdf/view. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Article 21, IV-V§ 1 II, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199. ↩
Brazilian Ministry of Finance, “Roteiro de Implementação do Sistema Brasileiro de Comércio de Emissões de gases de efeito estufa–SBCE (PDF),” Publicações: Guias e Manuais, 3, January 21, 2025, https://www.gov.br/fazenda/pt-br/central-de-conteudo/publicacoes/guias-e-manuais/2024/241209-crtlh-implementacao-sbce-v4.pdf/view. ↩
Petrobras, “Petrobras e BNDES lançam primeiro edital do ProFloresta+ para adquirir 5 milhões de créditos de carbono,” Agência Petrobras, November 11, 2025, https://agencia.petrobras.com.br/w/petrobras-e-bndes-lan%C3%A7am-primeiro-edital-do-profloresta-para-adquirir-5-milh%C3%B5es-de-cr%C3%A9ditos-de-carbono; BNDES, “BNDES ProFloresta+,” BNDES Florestas, accessed April 2, 2026, https://florestas.bndes.gov.br/iniciativas/bndes-profloresta/. ↩
Quantum Commodity Intelligence, “Rio de Janeiro to Spend 1M on Carbon Credits via Tax Scheme,” September 25, 2025, https://www.qcintel.com/carbon/article/rio-de-janeiro-to-spend-11m-on-carbon-credits-via-tax-scheme-49464.html. ↩
Ibid. ↩
Quantum Commodity Intelligence, “COP 30: Amazonas Eyes 200m REDD+ Credits, Norway to Support,” November 10, 2025, https://www.qcintel.com/carbon/article/cop30-amazonas-eyes-200m-redd-credits-norway-to-support-52571.html. ↩
Sérgio Teixieria Jr., “Fazenda fica com xerife do mercado de carbono,” Capital Reset, July 24, 2025, https://capitalreset.uol.com.br/carbono/mercado-regulado-de-carbono/gestor-do-mercado-de-carbono-fica-na-fazenda-e-sai-em-agosto-diz-governo/. ↩
Extraordinary Secretariat for the Carbon Market and Partnership for Market Implementation, Roadmap: Implementation of an Emissions Trading System Under Brazil’s NDC Implementation Package, Brazil Federal Government & World Bank, 15–18, December 11, 2025, https://www.gov.br/fazenda/pt-br/composicao/orgaos/mercado-de-carbono/roadmap/2025_09-sbce-roadmap-eng-vf.pdf. ↩
Presidency’s Official Gazette (Portal do Planalto, Brazil), “Decree No. 11,550 of June 5, 2023,” Article 10, Special Secretariat for Legal Affairs, June 5, 2023, https://www.planalto.gov.br/ccivil_03/_ato2023-2026/2023/decreto/D11550.htm. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Article 47 I-a, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199. ↩
Ibid., Article 42 § 2. ↩
Extraordinary Secretariat for the Carbon Market and Partnership for Market Implementation, Roadmap: Implementation of an Emissions Trading System Under Brazil’s NDC Implementation Package, Brazil Federal Government & World Bank, 15–18, December 11, 2025, https://www.gov.br/fazenda/pt-br/composicao/orgaos/mercado-de-carbono/roadmap/2025_09-sbce-roadmap-eng-vf.pdf. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Article 37-41, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199. ↩
Ibid., Article 12. ↩
Clarissa Freiberger, “Bradesco cria certificadora de créditos de carbono,” Capital Reset, November 11, 2025, https://capitalreset.uol.com.br/carbono/creditos-de-carbono/bradesco-cria-certificadora-de-creditos-de-carbono/; Quantum Commodity Intelligence, “COP30: Brazil Launches Carbon Standard, Observers Wary for Now,” November 12, 2025, https://www.qcintel.com/carbon/article/cop30-brazil-launches-carbon-standard-observers-wary-for-now-52713.html. ↩
Quantum Commodity Intelligence, “COP30: Brazil Launches Carbon Standard, Observers Wary for Now,” November 12, 2025, https://www.qcintel.com/carbon/article/cop30-brazil-launches-carbon-standard-observers-wary-for-now-52713.html. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Article 44-45, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199. ↩
Ibid. ↩
Ibid., Article 2, IX. ↩
Ibid., Article 28, III. ↩
Ibid., Article 47, I-b. ↩
Ibid., Article 44, III. ↩
Ibid., Article 30. ↩
Thais Folego, “Seguradoras terão que destinar R$9 bi para créditos de carbono,” Capital Reset, February 12, 2025, https://capitalreset.uol.com.br/carbono/creditos-de-carbono/seguradoras-terao-que-destinar-r-9-bi-para-creditos-de-carbono/. ↩
Thais Folego, “Cristina Reis assume xerife do mercado regulado de carbono e prepara regulação,” Capital Reset, November 6, 2025, https://capitalreset.uol.com.br/regulacao/cristina-reis-assume-xerife-do-mercado-regulado-de-carbono-e-prepara-regulacao/. ↩
Brazilian Ministry of Finance, Roteiro de Implementação do Sistema Brasileiro de Comércio de Emissòes de gases de efeito estufa–SBCE, Publicações: Guias e Manuais, 3, January 21, 2025, https://www.gov.br/fazenda/pt-br/central-de-conteudo/publicacoes/guias-e-manuais/2024/241209-crtlh-implementacao-sbce-v4.pdf/view. ↩
Presidency of the Republic of Brazil, “Decree No. 12,768 of 2025,” Casa Civil Legislative Portal: Special Secretariat for Legal Affairs, December 5, 2025, https://www.planalto.gov.br/ccivil_03/_ato2023-2026/2025/decreto/D12768.htm. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Article 2, III-VII, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199. ↩
Ibid., Article 30. ↩
Ibid., Article 31-32. ↩
Ibid., Article 46, § 16. ↩
Ibid., Article 44. ↩
Ibid., Article 45. ↩
Carbon Pulse, “COMMENT—Carbon Market in Brazil: International Standards Are the Safest Option Until the Creation of the SBCE Managing Body,” February 17, 2025, https://carbon-pulse.com/369676/. ↩
B3, “Brasil lança piloto da primeira plataforma de registros de créditos de carbono e inicia negociações internacionais,” September 26, 2025, https://www.b3.com.br/pt_br/noticias/brasil-lanca-piloto-da-primeira-plataforma-de-registro-de-creditos-de-carbono-e-inicia-negociacoes-internacionais.htm. ↩
Quantum Commodity Intelligence, “Brazilian State-Owned Bank Launches Carbon Trading Desk,” February 21, 2025, https://www.qcintel.com/carbon/article/brazilian-state-owned-bank-launches-carbon-trading-desk-36618.html. ↩
Banco do Brasil, “Na COP 30, BB se torna o primeiro grande banco a lançar mesa de créditos de carbono,” November 17, 2025, https://www.bb.com.br/pbb/pagina-inicial/imprensa/n/68904/Na%20COP%2030,%20BB%20se%20torna%20o%20primeiro%20grande%20banco%20a%20lan%C3%A7ar%20mesa%20de%20cr%C3%A9ditos%20de%20carbono#/; Banco do Brasil, “Créditos de carbono,” BB Sustentabilidade, accessed April 2, 2026, https://www.bb.com.br/site/sustentabilidade/como-bb-atua/creditos-de-carbono/. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Article 23, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199. ↩
Brazilian Securities and Exchange Commission (CVM), FAQ—Mercado Regulado de Carbono, 3, September 2025, https://www.gov.br/investidor/pt-br/educacional/publicacoes-educacionais/cvm-sustentavel/faq-mercado-de-carbono-set-2025-cvm.pdf/. ↩
ACX, “Empowering Brazil’s Environmental Market with Global Access,” accessed April 2, 2026, https://acx.net/acx-brasil/. ↩
B3, “Parceria entre B3 e ACX deve impulsionar o mercado de crédito de carbono,” Valor Econômico, March 13, 2024, https://valor.globo.com/conteudo-de-marca/b3/financas-sustentaveis/noticia/2024/03/13/parceria-entre-b3-e-acx-deve-impulsionar-o-mercado-de-credito-de-carbono.ghtml. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Articles 2, XVII; 8, XVI; and 21, V, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199; Brazilian Securities and Exchange Commission (CVM), FAQ—Mercado Regulado de Carbono, September 2025, https://www.gov.br/investidor/pt-br/educacional/publicacoes-educacionais/cvm-sustentavel/faq-mercado-de-carbono-set-2025-cvm.pdf/. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Articles 21, §2 and 8, XXVI; and 21, V, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199. ↩
Ibid., Article 21, V; and 21, V. ↩
Ibid., Article 10. ↩
Brazilian Securities and Exchange Commission (CVM), FAQ—Mercado Regulado de Carbono, September 2025, https://www.gov.br/investidor/pt-br/educacional/publicacoes-educacionais/cvm-sustentavel/faq-mercado-de-carbono-set-2025-cvm.pdf/. ↩
Ibid. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Article 2, VII, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199. ↩
Ibid., Article 10. ↩
Brazilian Securities and Exchange Commission (CVM), FAQ—Mercado Regulado de Carbono, 3, September 2025, https://www.gov.br/investidor/pt-br/educacional/publicacoes-educacionais/cvm-sustentavel/faq-mercado-de-carbono-set-2025-cvm.pdf/. ↩
Ibid. ↩
Brazil Federal Government, “Law No. 15,042 of December 11, 2024,” Article 44, Federal Official Gazette, December 11, 2024, https://www.in.gov.br/en/web/dou/-/lei-n-15.042-de-11-de-dezembro-de-2024-601124199#:~:text=Art.%2044.%20Os,51%20desta%20Lei. ↩
Brazilian Ministry of Finance, Roteiro de Implementação do Sistema Brasileiro de Comércio de Emissões de gases de efeito estufa–SBCE, Publicações: Guias e Manuais, January 21, 2025, https://www.gov.br/fazenda/pt-br/central-de-conteudo/publicacoes/guias-e-manuais/2024/241209-crtlh-implementacao-sbce-v4.pdf/view. ↩
Quantum Commodity Intelligence, “Brazilian Stock Exchange Launches Carbon Registry,” September 19, 2024, https://www.qcintel.com/carbon/article/brazilian-stock-exchange-launches-carbon-registry-29547.html. ↩
B3, “Parceria entre B3 e ACX deve impulsionar o mercado de crédito de carbono,” Valor Econômico, March 13, 2024, https://valor.globo.com/conteudo-de-marca/b3/financas-sustentaveis/noticia/2024/03/13/parceria-entre-b3-e-acx-deve-impulsionar-o-mercado-de-credito-de-carbono.ghtml. ↩
Brazilian Securities and Exchange Commission (CVM), FAQ—Mercado Regulado de Carbono, 3, September 2025, https://www.gov.br/investidor/pt-br/educacional/publicaoes-educacionais/cvm-sustentavel/faq-mercado-de-carbono-set-2025-cvm.pdf/. ↩