Brazil to cap carbon emissions for large polluters

Lula’s government expects to send legislation to create the carbon credit market to congress, where it may face resistance from conservative lawmakers, in the coming days. — Bloomberg

Brasilia: Brazil will create a cap on carbon dioxide emissions for large polluting companies as part of a broader green transition initiative meant to help the country reach CO2 neutrality by 2050, according to one of the plan’s architects.

President Luiz Inacio Lula da Silva’s plan will include the creation of a regulated carbon market, as well as measures to gradually end subsidies for fossil fuels and stimulate the use of electric public transportation vehicles, said Rafael Dubeux, who is coordinating the programme as a special adviser to Finance Minister Fernando Haddad.