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ARTICLE · 23 MAY 2023

Brazilian Congress Approves Legislation Aiming To Stimulate Carbon Credit Markets

Hogan Lovells Cadwalader
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On May 2, 2023, the Brazilian Senate approved legislation that amends rules relating to public forest concession contracts and, significantly

GlobalEnvironment
Duncan Grieve
Duncan Grieve
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On May 2, 2023, the Brazilian Senate approved legislation that amends rules relating to public forest concession contracts and, significantly, now allows the use and commercialization of carbon credits. The amendment, which is considered to be an important milestone in the regulation of Brazil's voluntary carbon market, was also approved by the Brazilian Chamber of Deputies on March 30. President Lula is expected to ratify the measure in the coming weeks.

Brazil's forest concession system was established in 2006 and provides a legal framework for the development of long-term sustainable timber production in the Amazon region. Under the framework, Brazilian public forest land can be leased to private enterprises for sustainable logging activities overseen by the Brazilian Forest Services (SFB). The scheme has had limited uptake to date, with a 2021 study showing that forest concessions in the Amazon region cover only 1.6 million ha (Mha) of a potential area of 35

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