Brazil’s carbon markets to grow under Lula

Incoming president faces a series of decisions on legacy legislation that could provide impetus for domestic ETS and offset markets

Both compliance and voluntary offset carbon markets are likely to grow in scope under the new Lula da Silva administration in Brazil, according to industry experts. Some promising actions have already been taken. Following his re-election in November 2022, the new president committed his country to reaching net-zero deforestation by 2030 at the Cop27 climate summit in Sharm el-Sheikh. And Lula has appointed the environment minister from his previous tenure (2003–11), Marina Silva, back to the same role. Silva previously used a number of tools to combat deforestation, including overhauling management of public forests, creating a biodiversity institute and tapping international climate financ