{"id":96347,"date":"2025-10-27T11:11:55","date_gmt":"2025-10-27T14:11:55","guid":{"rendered":"https:\/\/murray.adv.br\/?p=96347"},"modified":"2025-10-27T11:11:55","modified_gmt":"2025-10-27T14:11:55","slug":"brazils-carbon-market-takes-shape-as-cornerstone-of-industrial-policy","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazils-carbon-market-takes-shape-as-cornerstone-of-industrial-policy\/","title":{"rendered":"Brazil\u2019s carbon market takes shape as cornerstone of industrial policy"},"content":{"rendered":"
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Economist Cristina Reis, tapped to lead the new Carbon Market Secretariat, says the initiative will drive innovation and position Brazil in global value chains<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
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10\/27\/2025\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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Brazil\u2019s carbon market is just the beginning. \u201cWe\u2019re setting up something deeply important and strategic for the nation,\u201d said economist\u00a0Cristina Reis<\/strong>, chosen to head the\u00a0Extraordinary Secretariat for the Carbon Market<\/a>, which the Ministry of Finance is now structuring. \u201cThe carbon market is pure industrial policy,\u201d she added. \u201cIt\u2019s the future.\u201d<\/p>\n<\/div>\n

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The new secretariat will act as the executive body, giving the initial push to the carbon market law enacted in December. Under this law, Brazil will have a system with emission limits and tradable allowances among companies that emit the most carbon, a \u201ccap-and-trade\u201d mechanism. The ministry will define methodologies, monitor progress, and allocate emission quotas across sectors.<\/p>\n<\/div>\n

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In Ms. Reis\u2019s view, the step is far broader. \u201cDecarbonization projects will unleash a vast network of science, technology, and innovation, integrating Brazil into strategic global value chains,\u201d she said. Ms. Reis has not yet been officially appointed to the position and continues to serve as undersecretary for sustainable economic development at the Finance Ministry. She plans to invite\u00a0Jos\u00e9 Pedro Neves<\/strong>, her right-hand man, to serve as deputy secretary. \u201cWe must prepare to have a strong, large, and powerful exchange\u2014one that\u2019s not dependent on others,\u201d she said.<\/p>\n<\/div>\n

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Agency within two years<\/strong><\/p>\n<\/div>\n

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\u201cWe hope to establish, within two years, a governing body similar to a regulatory agency. We need something permanent and robust,\u201d she said. \u201cBut since such a decision takes time, we thought it best to create an interim structure to lay the groundwork for the regulated carbon market\u2014and later transition to a more definitive body.\u201d<\/p>\n<\/div>\n

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The undersecretariat where she currently works\u2014the Undersecretariat for Sustainable Economic Development under the Finance Ministry\u2019s Secretariat for Economic Policy\u2014will continue handling taxonomy, the bioeconomy plan, and several other topics. \u201cThe carbon market, however, will move to the new structure,\u201d she noted.<\/p>\n<\/div>\n

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New structure<\/strong><\/p>\n<\/div>\n

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\u201cWe\u2019ll have two undersecretariats,\u201d Ms. Reis added. \u201cOne will handle regulation and methodologies and will be led by Ana Paula Machado, currently undersecretary of the Climate Plan at the Ministry of the Environment. She knows the subject well\u2014she worked at the National Civil Aviation Agency (ANAC). She participated in\u00a0Corsia<\/strong>\u00a0(the Carbon Offsetting and Reduction Scheme for International Aviation, a program of the International Civil Aviation Organization for reducing and offsetting CO\u2082 emissions from international flights).\u201d<\/p>\n<\/div>\n

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\u201cThis undersecretariat will have two divisions: one for methodologies and another for regulatory impact analysis. The regulatory impact team will define which activities, sources, facilities, sectors, and greenhouse gases are covered. The other will accredit carbon-credit methodologies that may be accepted as offsets in the regulated market.\u201d<\/p>\n<\/div>\n

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Regulated and voluntary markets<\/strong><\/p>\n<\/div>\n

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\u201cThe voluntary market already exists,\u201d Ms. Reis said. \u201cIt\u2019s based on bilateral transactions\u2014contracts between a company and another party that reduce or remove carbon in any sector.\u201d<\/p>\n<\/div>\n

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\u201cLaw 15,042 created the regulated market. It requires large emitters\u2014those releasing more than 25,000 tonnes of greenhouse gases per year\u2014to decarbonize,\u201d she said.<\/p>\n<\/div>\n

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To that end, the governing body will set an emission cap and the allowances each regulated entity will have to meet its targets\u2014the \u201ccap and trade.\u201d \u201cEach regulated company will have its own allowance: if it meets it, great; if not, it will have to buy from someone with a surplus.\u201d<\/p>\n<\/div>\n

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\u201cOur system allows companies to buy carbon credits from the voluntary market, but not just any credit,\u201d Ms. Reis noted. \u201cIt must be generated under a methodology accredited by the governing body\u2014and that\u2019s the job of this division.\u201d<\/p>\n<\/div>\n

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\u201cFor example, a cement producer that has already reached its emission limit has two options: it can buy credits from another company that has reduced emissions beyond its quota, or it can go to the voluntary market and purchase credits from a forest regeneration project using a methodology accredited by the secretariat.\u201d<\/p>\n<\/div>\n

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Strategic planning<\/strong><\/p>\n<\/div>\n

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\u201cThe other undersecretariat will be led by\u00a0Thiago Barral<\/strong>, former National Secretary for Energy Transition and Planning at the Ministry of Mines and Energy,\u201d Ms. Reis said. \u201cIt will focus on implementation and will include two divisions: one for MRV studies\u2014monitoring, reporting, and verification\u2014and another for registries.\u201d<\/p>\n<\/div>\n

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\u201cThe MRV division will determine how companies will report their emissions, how monitoring and verification will be carried out, and how this information will feed into the National Allocation Plan. This plan will set emission limits, annual reduction targets, and rules for allocating credits\u2014whether free or paid.\u201d<\/p>\n<\/div>\n

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\u201cThe other division will create the system\u2019s registry,\u201d she explains. \u201cThat\u2019s where the regulated companies will submit their data: \u2018This year, I emitted this much, from this activity.\u2019 This dataset will help us continuously refine the policy.\u201d<\/p>\n<\/div>\n

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Strong exchange<\/strong><\/p>\n<\/div>\n

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\u201cThis undersecretariat will also structure how, in the future, the registry and the system\u2019s assets\u2014the allowances to be distributed\u2014will interact with the stock exchanges,\u201d Ms. Reis added. \u201cNow that we have a regulated carbon market taking shape, a law that can boost the voluntary market, and international transfers that may eventually be traded on exchanges, we must prepare to have a strong, large, and powerful exchange\u2014one that is not dependent on others.\u201d<\/p>\n<\/div>\n

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\u201cAs for whether we\u2019ll work with the S\u00e3o Paulo or Rio de Janeiro stock exchange, no decision has been made yet,\u201d she added.<\/p>\n<\/div>\n

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Liquidity<\/strong><\/p>\n<\/div>\n

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\u201cCarbon credits can be traded on the stock exchange,\u201d Ms. Reis noted. \u201cToday, volumes are still small, but they tend to grow.\u201d<\/p>\n<\/div>\n

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\u201cThe system\u2019s assets\u2014that is, the allowances\u2014have been defined as securities under the governance and regulation of the Securities and Exchange Commission (CVM). This ensures the desired liquidity for both the allowances and carbon credits, giving market participants more confidence in these transactions.\u201d<\/p>\n<\/div>\n

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\u201cThe financial dimension of carbon markets is highly relevant,\u201d she said.<\/p>\n<\/div>\n

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Start<\/strong><\/p>\n<\/div>\n

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\u201cWe\u2019ll have a testing phase and distribution of allowances within the regulated system\u2014aimed at companies that emit more than 25,000 tonnes of CO\u2082 per year,\u201d Ms. Reis said. \u201cThis phase will begin in four years.\u201d<\/p>\n<\/div>\n

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\u201cAfter that, there will be a mandatory phase, when companies will have to buy these allowances through auctions\u2014the law sets this to happen in five years,\u201d she added.<\/p>\n<\/div>\n

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\u201cFour years is the time this secretariat has to get everything ready\u2014conduct studies, draft regulations, and issue the necessary ministerial ordinances.\u201d<\/p>\n<\/div>\n

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Building it up<\/strong><\/p>\n<\/div>\n

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\u201cWe\u2019re putting in place something of enormous importance that could have major relevance for the country,\u201d Ms. Reis said. \u201cMinister\u00a0Fernando Haddad<\/strong>\u00a0is being bold and innovative by establishing this secretariat within the Finance Ministry. He sees it as both a business opportunity and a way to integrate Brazil technologically into strategic value chains.\u201d<\/p>\n<\/div>\n

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\u201cThese decarbonization projects will unleash a vast network of science, technology, and innovation,\u201d she added. \u201cWe already have universities, laboratories, and research institutes developing solutions to decarbonize different sectors\u2014what we lacked was demand and scale.\u201d<\/p>\n<\/div>\n

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\u201cWith regulation, the carbon market can foster this ecosystem related to science, technology, and innovation, while also strengthening the economic, financial, and legal dimensions of the transition,\u201d she added.<\/p>\n<\/div>\n

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\u201cJust imagine how many consulting firms will emerge,\u201d Ms. Reis said. \u201cWe expect a significant impact on the corporate services sector. We must start right away\u2014and do so transparently. We\u2019ll also have to develop an engagement and communication plan. There\u2019s a lot of pressure and anticipation surrounding the carbon market. We must be ready\u2014there are countless possibilities, and now it\u2019s up to the government to regulate and chart this path.\u201d<\/p>\n<\/div>\n

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Sectors<\/strong><\/p>\n<\/div>\n

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\u201cThe question of which sectors we\u2019ll begin with is the most important one,\u201d Ms. Reis said. \u201cThe regulatory impact analysis will determine that\u2014we don\u2019t yet have an answer. This will be one of the first decisions the secretariat will make.\u201d<\/p>\n<\/div>\n

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\u201cThe testing phase with free allowances will last four years,\u201d she said. \u201cWe don\u2019t call them licenses, as the Europeans do; the law uses the term allowances. In Portuguese, license sounded like permission to pollute\u2014and that\u2019s not the idea. It\u2019s an allowance that must be complied with.\u201d<\/p>\n<\/div>\n

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Certification companies<\/strong><\/p>\n<\/div>\n

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\u201cThis is one of the areas causing the most excitement,\u201d Ms. Reis said. \u201cThe certification sector is highly concentrated\u2014there are only a few players doing this work. The law stipulates that certification firms must have a minimum capital in Brazil. So, if a company is foreign, it will have to register a business taxpayer number here. It can be headquartered abroad, but it must open a branch in Brazil.\u201d<\/p>\n<\/div>\n

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\u201cAnother major discussion concerns methodologies\u2014whether they\u2019re appropriate for our reality,\u201d she added. \u201cThat\u2019s why there\u2019s a growing defense of national certification companies, with homegrown methodologies developed by Embrapa and universities. We believe it\u2019s the right time to promote competition in this sector.\u201d<\/p>\n<\/div>\n

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\u201cWhat\u2019s essential,\u201d she said, \u201cis to properly assess the environmental benefit and the generation of carbon credits\u2014whether the project removes, reduces, retains, or captures emissions. There are many different methodologies.\u201d<\/p>\n<\/div>\n

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\u201cThe next step,\u201d she added, \u201cis international recognition, which is still limited today. This debate is already underway, and Brazil will continue to push for clarity\u2014that the needs of the Global South are different. But we also have to look at our companies and ask whether they want to export carbon credits or seek an international seal of approval. And again, that\u2019s precisely the role of the methodology undersecretariat.\u201d<\/p>\n<\/div>\n

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Industrial policy<\/strong><\/p>\n<\/div>\n

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\u201cI\u2019m a specialist in sustainable industrial policy,\u201d Ms. Reis said. \u201cA country\u2019s development depends on transforming its productive structure to reduce technological dependence. That means developing our own technologies\u2014with inclusion, reduced inequality, and environmental and climate sustainability.\u201d<\/p>\n<\/div>\n

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\u201cThe carbon market is industrial policy,\u201d she said. \u201cWe\u2019ll define the sectors that will be included, the methodologies, and the allocation of allowances\u2014all of which will become pathways for industrial development.\u201d<\/p>\n<\/div>\n

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\u201cEurope has had its carbon market, the\u00a0ETS (Emissions Trading System)<\/strong>, for 20 years,\u201d she noted. \u201cIt has generated \u20ac200 billion in revenue. And the use of that revenue has also been strategic: Europeans channeled it into three funds\u2014for innovation, just transition, and modernization. These financed the modernization and innovation of European industry, which had been struggling to compete with Chinese and American companies.\u201d<\/p>\n<\/div>\n

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\u201cIn our case, 75% of the revenue from Brazil\u2019s carbon market will go to the\u00a0Climate Fund<\/strong>, with a portion dedicated to supporting forest projects involving traditional communities and Indigenous peoples. We also have the capacity to promote the development of future technologies.\u201d<\/p>\n<\/div>\n

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\u201cSo, the system must be very well regulated, and with a strategic national vision\u2014one that ensures Brazil plays a stronger role in global value chains,\u201d she added. \u201cThe carbon market belongs to the future.\u201d<\/p>\n<\/div>\n

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Social cost of carbon<\/strong><\/p>\n<\/div>\n

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\u201cThe carbon market is one more instrument for mitigation,\u201d Ms. Reis said. \u201cIt\u2019s not the only one, but it\u2019s a consistent one. Today, about 40 jurisdictions apply a carbon price, covering almost 30% of global emissions. That\u2019s significant.\u201d<\/p>\n<\/div>\n

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\u201cThe regulated market targets large emitters, those causing harm to a public good, and ensures they internalize the social cost of carbon,\u201d she said.<\/p>\n<\/div>\n

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Proposal for COP30<\/strong><\/p>\n<\/div>\n

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\u201cWe\u2019ll be working on Brazil\u2019s proposal for the\u00a0Open Coalition of Regulated Carbon Markets<\/a>, which should be presented at the\u00a0United Nations Climate Conference (<\/strong>COP30<\/strong><\/a>)<\/strong>\u00a0in Bel\u00e9m, next November,\u201d Ms. Reis said.<\/p>\n

*By\u00a0Daniela Chiaretti\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Economist Cristina Reis, tapped to lead the new Carbon Market Secretariat, says the initiative will drive innovation and position Brazil in global value chains 10\/27\/2025\u00a0 Brazil\u2019s carbon market is just the beginning. \u201cWe\u2019re setting up something deeply important and strategic for the nation,\u201d said economist\u00a0Cristina Reis, chosen to head the\u00a0Extraordinary Secretariat for the Carbon Market, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26547,26548],"class_list":["post-96347","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-brazils-carbon-market","tag-cornerstone-of-industrial-policy"],"yoast_head":"\nBrazil\u2019s carbon market takes shape as cornerstone of industrial policy - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/brazils-carbon-market-takes-shape-as-cornerstone-of-industrial-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazil\u2019s carbon market takes shape as cornerstone of industrial policy - 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