Brazil, one of the world’s largest climate polluters, is taking initial steps to launch a nationwide carbon market that could have regional and global implications for the effort to fight climate change.
South America’s largest nation will start requiring major emitters in 2026 to submit monitoring plans and report their greenhouse gas emissions to a national oversight body, making it the first in the continent to begin developing a carbon market.
The market will limit the biggest polluters’ greenhouse gas emissions by 2029 at the latest. Brazil ranks fifth behind China, the U.S., India and Russia in annual carbon emissions from all sources including agriculture.
“Brazil wants to show that every country can do something,” Klenize Chagas Favero, national secretariat in Brazil’s Ministry of the Environment and Climate Change, said in a virtual interview from Brasilia, the nation’s capital. Even though “we are a developing country, we can establish these rules to cut emissions.”
