HomeCarbon CreditsCarbon Credit & Sustainable Asset Stock Exchange to Launch in Rio

Carbon Credit & Sustainable Asset Stock Exchange to Launch in Rio

Rio de Janeiro is launching a stock exchange for carbon credits and sustainable assets. Rio signed a protocol of intent Tuesday with the Nasdaq and Global Environmental Asset Platform (GEAP).

Rio’s goal is to have a leading role in the green economy. Once approved, they hope to have their Environmental Assets Exchange running soon.

According to Carlos Alberto Reis, former president of the Rio de Janeiro Stock Exchange (BVRJ), the partnership with Nasdaq is “very positive news.”

Ricardo Nogueira, director of the Union of Securities Brokers and Distributers of Rio de Janeiro, agreed.

“Having an environmental asset exchange headquartered in Rio is very good, both economically and institutionally for Rio de Janeiro.”

According to Governor Castro, the government team has worked on this agreement for nearly eight months. The goal is that the carbon stock reaches 73 million tons (or $25 billion).

The importance of carbon credits.

Countries that have reduced their emissions sell carbon credits to other counties that haven’t.

Simply put, one carbon credit is equal to one metric ton of carbon.

While carbon credits aren’t the only way countries can take the necessary steps to fight climate change, it’s a start. Nations typically use any profits to reduce greenhouse gas (GHG) emissions – like reforestation or cover crops.

Rio de Janeiro believes this will help the environment create domestic and international jobs.

According to Secretary of State for Finance Nelson Rocha, “We are going to create a favorable environment for this expansion to take place in the coming years. We want to make Rio a hub (base) for investments in environmental assets.”

Currently, 31% of Rio has natural forests. They expect to increase that coverage by 10% by 2050 by investing $410 million into reforesting projects.

This program will create more than 5,000 jobs.

Rio is actively working towards carbon neutrality – with the goal of 2045.

Most Popular
LATEST CARBON NEWS

Singapore’s Carbon Credit Market Surging At 21% CAGR

Late last year, the Ministry of Sustainability, and the Environment (MSE) and the National Environment Agency (NEA) had rolled out the Eligibility Criteria under...

Toucan Launches World’s First Liquid Market for Biochar Carbon Credits

Digital platform Toucan.earth is set to launch the world's inaugural 'liquid' market for biochar credits, in response to escalating interest from carbon credit buyers...

Spectaire Holdings’s Innovative Tech Helps Truckers Generate Carbon Credits

Spectaire Holdings Inc., a global leader in air quality monitoring and emissions reduction technologies, has announced a significant development in response to the mounting...

Oxford Revises Principles for Net Zero Aligned Carbon Offsetting

A team of Oxford University researchers has released an updated version of the flagship guidance on credible and net zero-aligned carbon offsetting. First published...
CARBON INVESTOR EDUCATION

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...

Carbon Pricing: Understanding The Economics and Trends of Fighting Climate Change

As global temperatures continue to rise, the urgency surrounding climate policies has intensified, thrusting carbon pricing into the limelight of climate discussions. The race to...

The EU Corporate Sustainability Reporting Directive (CSRD): Key Things to Know

Companies operating in the European Union will have to deal with new non-financial and sustainability reporting requirements starting January 2024 with the EU's Corporate...