Business sector bets that government will close climate agreement

The Brazilian Business Council for Sustainable Development (CEBDS), which represents 60 companies from large Brazilian business groups, is hugely expected that the government will flexibilize its position at the Climate Conference, which takes place until the day 13 in Madrid, around the cooperation mechanisms for the creation of a global carbon market. At the 2018 Conference in Poland, Brazil barred the negotiation. CEBDS has been articulating with the Ministry of Finance for the country to move forward on this agenda. Advance. The expectation is that the Brazilian government will accept the proposal for a safe transition from the current REDUCTIONs of CO² that the country has already made during the Kyoto Protocol period. This could be done by creating a Compensation Fund, for example, for the purchase of carbon credits already generated – such as clean development mechanisms (CDM) - avoiding double credit counting (both by the selling country and by the buyer). By the proposal, these credits would not be accounted for for the Paris Agreement, but it could still be well accepted. The basic text of Article 6 on which the negotiators of the countries will discuss and seek consensus by the 13th, should be released today.