Brazilian Emission Reduction Market

The Brazilian Carbon Market (MBRE) is a joint initiative between BM&F and the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC), whose main objective is to develop an efficient trading system for Certified Emission Reductions aligned with the principles underlying the Kyoto Protocol. More precisely, the BM&F/MDIC initiative aims to lay the foundation for a solid and active carbon market in Brazil, which could become a benchmark for participants of this market worldwide.

The first stage of the Brazilian Carbon Market launched in mid-September 2005 is the implementation of the BM&F Carbon Facility, which will host the registration of projects validated by Designated Operational Entities (UN-recognized certifying agencies) according to the Clean Development Mechanism (CDM) criteria. The aim of these projects is to generate Certified Emission Reductions (carbon credits). Furthermore, the BM&F Carbon Facility will also host the registration of the so-called project idea notes, which are partially structured GHG emission reduction proposals which hope to obtain the future condition of validated projects within the CDM scope.

Participants who have registered their CDM projects and project idea notes in the BM&F Carbon Facility system will find it to be an extremely powerful promotional tool and an attractive alternative for interested parties wishing to provide funding or trade the carbon credits associated with these projects. In this regard, the BM&F Carbon Facility is also open to expression of interest registrations, whereby foreign investors intending to purchase carbon credits can register their interest at the Exchange by describing the characteristics of the project-based activities they seek.

The second stage of the organization of the Brazilian Carbon Market entails the set up of a carbon credit trading environment in the option, forward and spot markets. This phase will be gradually implemented towards the end of 2005.

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