Brazil's Congress approves bill to create local carbon credits market

Brazil's lower house of Congress has approved a bill to establish a carbon credits market, pending President Luiz Inacio Lula da Silva's approval. This market will include both regulated and voluntary options for companies to offset emissions. The bill follows Senate approval and aims to create a framework for companies to buy carbon credits, supporting projects that reduce greenhouse gas emissions. Brazil's carbon market development aligns with recent agreements made at the COP29 climate talks. The Amazon rainforest's protection is highlighted as crucial for reducing climate change, given its significant carbon dioxide absorption. The new market could enhance Brazil's role in global climate efforts.