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Brazil has potential to reach $100bn in carbon credits by 2030

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Brazil’s potential for generating revenue from carbon credits could reach $100 billion by 2030, depending on how Article 6 of the Paris Agreement will be unlocked and implemented, according to a study by the International Chamber of Commerce (ICC) in the country with consultancy WayCarbon.ICC’s secretary general John Denton sent a letter to ministers of more than 130 countries pointing out as a high priority for the private sector at COP26 in Glasgow an agreement with "robust and functional" rules to put the Article 6 of the Climate Agreement of Paris in operation on international carbon markets.According to him, it is a crucially essential component, with the potential to significantly increase climate ambition and action, and reduce costs, through greater private and financing sectors involvement and more pervasive technology and expertise to drive climate action.According to Mr. Denton, implementing Article 6 could reduce the total cost of implementing national climate commitments by more than half of a total of $250 billion per year in 2030.The benefits of switching to low emissions are estimated at $26 trillion by 2030 compared to the current high carbon trajectory. According to the International Energy Agency, investments of about $16.5 trillion are needed in energy efficiency and low-carbon technologies alone by 2030.The ICC advocates "a cohesive multilateral approach to carbon pricing that, from the perspective of the real economy, is vital to avoiding the unintended consequences of unilateral climate policy measures, which could pose a significant impediment to a post-pandemic recovery by triggering climate-related trade frictions".Mr. Denton sent letters to the Brazilian ministers of Foreign Affairs, Carlos França, and the Environment, Joaquim Leite. ICC Brasil, the Brazilian branch of ICC, in partnership with WayCarbon, carried out an unprecedented study on the opportunities for Brazil in the carbon markets, with the support of Suzano, Microsoft, Shell, Natura, Bayer and bp.The...

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