Decree published this Thursday also institutes the National Greenhouse Gas Emissions Reduction System
The federal government published this Thursday (May 19, 2022) the decree that establishes the procedures for the preparation of Sectoral Plans for Mitigation of Climate Change.
The text also institutes the National System for the Reduction of Greenhouse Gas Emissions, which should be the single center for recording emissions, removals, reductions and offsets of greenhouse gases and acts of trade, transfers, transactions and of certified emission reduction credits. Here’s the intact of the decree (1.1 MB).
The objective is to regulate the establishment of procedures for the preparation of plans and to strengthen the systems necessary to advance the operationalization of the carbon market in the country and the mitigation of climate change.
The Sectoral Climate Change Mitigation Plans will establish gradual targets for reducing human-caused emissions and removing greenhouse gases. The decree establishes that it is up to the Ministries of the Environment and Economy to propose Sectoral Plans.
The decree signed by President Jair Bolsonaro (PL) also establishes a series of definitions. Here are some:
- carbon credit: financial, environmental, transferable asset representing the reduction or removal of one ton of carbon dioxide equivalent;
- methane credit: financial, environmental, transferable asset representing the reduction or removal of one ton of methane, which has been recognized and issued as a credit in the voluntary or regulated market;
- offsetting greenhouse gas emissions: mechanism by which the natural or legal person, whether public or private, offsets greenhouse gas emissions generated as a result of their activities, through their own removals accounted for in their gas inventory greenhouse effect or through the acquisition and effective retirement of a certified emission reduction credit.
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