On November 14, 2024, Brazil's Senate approved a bill aimed at establishing a regulated carbon market, a significant step toward reducing emissions and increasing forested areas. The legislation will return to the lower house for further debate and requires the approval of President Luiz Inacio Lula da Silva.
This development coincides with the ongoing COP29 summit in Azerbaijan, where Brazil has announced a new goal to cut emissions by 67% by 2035 compared to 2005 levels. The bill has gained priority as Brazil prepares to host COP30 next year in the Amazonian city of Belem.