Published on 5 January 2024, Decree-Law no. 4/2024 is now in force, establishing the rules for the operation of a voluntary carbon market in Portugal.
This law aims to regulate an increasingly relevant market from an ESG perspective which, although voluntary in nature, wants to be transparent and scrutinised through a transaction of certified carbon credits, in order to give investors confidence. On the one hand, it creates rules for the admissibility of projects in this market and, on the other, it creates a safe space for those who want to offset their carbon footprint or contribute to climate action.
In line with the legislation that is also being prepared at European level, the national law, although broader in scope, integrates the principles considered fundamental by the European Union, especially with regard to the principles of additionality, monitoring, reporting and verification.
Understanding the law, discussing the next steps and exchanging views on taxation and insurance are all important if we are to take proper advantage of the opportunities that are now opening up. Around the table, in an informal setting, we had the participation of Assunção Cristas, Filipe de Vasconcelos Fernandes and Carlos Couto, as well as the vision of Ângela Lucas, Co-founder and Partner of the Land Fund, the first fund in Portugal to use carbon mechanisms.
Consult the flash that the area has prepared on this topic here.
Listen here to the Podcast on this topic with Assunção Cristas, João Almeida Filipe and Carolina Vaza.