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🗞️ Driving the news: Brazil is setting itself up as a leader in global climate change action by launching its carbon market and advocating for a global coalition of nations with carbon fees
• At the heart of this effort is Cristina Reis, Brazil’s deputy secretary for sustainable economic development, who has been tasked with creating the country’s cap-and-trade system
• Brazil is also pushing for a coalition of nations that would charge domestic manufacturers for their carbon emissions and impose taxes on imports from countries outside the coalition
🔭 The context: As South America’s largest nation, Brazil aims to play a pivotal role in global climate negotiations
• With COP30 approaching in November and the country set to host the event, Brazil is positioning itself as a leader in addressing carbon pricing
• This initiative is not only critical for reducing emissions but also for shaping the future of global trade and carbon markets
• Reis, with her strong economic background, will guide the development of a cap-and-trade system that could become a cornerstone of Brazil’s climate policy
🌍 Why it matters for the planet: This effort marks a major milestone in carbon pricing and climate diplomacy, areas that are essential to reaching global net-zero targets
• The creation of Brazil’s carbon market could set a powerful example for other countries, especially in the Global South, demonstrating how carbon pricing can drive emissions reductions while fostering economic growth
• Moreover, the proposed international coalition could lead to a more unified and effective global approach to climate change mitigation
⏭️ What’s next: As Brazil prepares to host COP30, the focus will be on shaping a global carbon pricing coalition and establishing the framework for its cap-and-trade system
• The outcomes of these initiatives will have implications for global trade, environmental policies, and the future of climate negotiations
• Success in these areas could make Brazil a central player in shaping international climate policy
💬 One quote: “Cristina is also a super effective diplomat, knowledgeable economist, and tremendous leader, so having her lead these twin initiatives makes them more likely to succeed," said Catherine Wolfram, MIT energy and economics professor
📈 One stat: Brazil plans to launch its carbon market with an initial team of at least 20 people drafting the rules for the new system
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