The carbon market and Article 6 of the Paris Agreement were the focus of CEBDS's participation on the second day of the UN Climate Conference – COP 25. Karen Tanaka, technical manager of CEBDS, and Monique Gonçalves, from Shell (a CEBDS partner), presented experiences from the Brazilian business sector at the workshop "Business Dialogue on Carbon Markets and Article 6." The event was hosted by the International Emissions Trading Association (IETA) at the IETA Business Hub.
The workshop presented an overview of carbon pricing worldwide, with a focus on Latin America, and how carbon markets can contribute to NDCs and long-term strategies, in addition to Article 6 and expectations for COP 25.
CEBDS presented the Brazilian business sector's position on Article 6, developed during Latin American and Caribbean Climate Week 2019. To access the document, click here.
"We are working closely with the federal and state governments to advance the agenda. Until now, the federal government had maintained a position related to the negotiations, but after companies' growing interest in creating a carbon market, they recognized the opportunities and importance of the transition to a low-carbon economy. CEBDS advocates for the leadership of the business sector, including with bolder ambitions." (Karen Tanaka, CEBDS Technical Manager)
Monique Gonçalves, a representative from Shell, a member of CEBDS, stated that the company intends to reduce its carbon footprint by 50% and is working on a global structure with new technologies. The company's priority is to mitigate and reduce emissions and, when this is not possible, offset them, aiming to meet its Nationally Determined Contribution (NDC).
The workshop also noted increased acceptance of carbon pricing in recent years—a determining factor in the Paris Agreement. More parties are pursuing carbon pricing to meet their NDC commitments.
