Today is Thursday, October 12, 2023.
While bill 412 that regulates the Brazilian Emissions Reduction Market is being processed in Congress, two more relevant issues, public consultations, are heading towards their deadlines: the Green Taxonomy and the Accounting Rules for Decarbonization Credits.
So far, the deadlines are maintained: October 20th. As a reference, COP-28 in Dubai starts in a few weeks, on November 30th.
As we have already discussed the public consultation on accounting rules in the post “Decarbonization Credits: Joint Public Consultation CPC, CFC and CVM“, today we will deal with the taxonomy.
But what is this Green Taxonomy and why is it so important? We quote Luciana Novais Lanna Campeão, partner at Vieira Rezende Advogados, in an interview published on the Legislação&Mercados portal last September 25th.
“The green taxonomy is the materialization of the understanding that capital flows have a strategic role in the transition to a more sustainable economy… integrating social, environmental and governance factors in the capital market… will certainly contribute to comparability … considering the flow of capital, each day more attentive to ESG issues, the development of a national taxonomy could mean an increase in the flow of foreign investments into the country”.
Click here to read the full interview (in Portuguese).
The document in public consultation by the Brazilian government has the following main parts:
(1) Ecological Transformation Plan;
(2) Overview of sustainable finance in the world;
(3) International and national taxonomies initiatives (such as FEBRABAN in 2015);
(4) Strategic, environmental and social objectives intended in Brazil;
(5) International commitments and national legislation linked to taxonomy;
(6) Sectors covered: agro, energy, industry and services (all CNAE / ISIC classes);
(7) Tool design, Governance, MRV (monitoring, reporting, verification) system and schedules;
Click on the image below to access the 85-page proposal (in Portuguese), remembering that the public hearing ends on October 20, 2023.
And as a reference, click here to browse the European Union Taxonomy, launched in June 2020.
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- Source: https://www.carboncreditmarkets.com/en/single-post/october-20-2023-and-two-other-pillars-of-the-carbon-market-taxonomy-and-accounting-rules
