On May 19, 2022, the Brazilian Federal Government published Decree No. 11,075/2022 (“Decree”), which establishes the National Greenhouse Gas Emissions Reduction System and the related procedures for the implementation of the Sectoral Plans for Climate Change Mitigation. The Brazilian National Policy on Climate Change (Federal Law No. 12,187/2009) mentions the implementation of such plans, and the Decree seeks to establish a regulatory framework for carbon markets in Brazil. Our Legal Update here briefly discusses the novelties introduced by the Decree, its relation to the bill of law currently being debated in the Brazilian Congress and what are the expected next steps for the regulation of carbon markets in Brazil.
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