O mercado brasileiro de redução de emissões : a elegibilidade do excedente de reserva legal como atividade geradora de créditos de carbono

Abstract

The Kyoto Protocol (1998) introduced three important mechanisms for reducing emissions in an integrated manner with the economy, thus seeking sustainable development. The Joint Implementation, the Clean Development Mechanism and the Emissions Trading System were successfully implemented and represent successful carbon market models. However, these markets suffered from limitations imposed by the Convention itself, opening space for new, voluntary or regulated markets, independent of the fulfillment of any goal and which, associated with the search for the neutralization of carbon emissions, made possible the expansion of the carbon market. Brazil, which was once a great host of projects for the CDM, has been seeking to create its own market, the Brazilian Market for Emissions Reduction (BMER). The regulation of this market is still the object of Bill No. 528/21, so its implementation is in its infancy. However, there is enormous potential to produce carbon credits in the country, especially in areas of native vegetation preserved in rural properties. These properties, which are subject to a minimum legal reserve conservation quota, have the potential to produce carbon credits and foster a national market. Although the eligibility of the legal reserve as a generator of carbon credits is debatable and involves many nuances, the eligibility of its surplus has an undeniable additionality, especially considering that there are already other marketing instruments related to this surplus, such as the CRA and environmental easement. Another advantage is that the Legal Reserve is associated with the Rural Environmental Registry (RER), forming a relevant database on Brazilian rural properties. Thus, by associating the RER with the BMER, as well as with the Electronic Public Records Service, the implementation of a Brazilian carbon market has great economic and socio-environmental potential, especially in the scope of forestry credits.