CARBON CREDITS MARKET FROM THE PERSPECTIVE OF TRANSNATIONAL CLIMATE GOVERNANCE: BRAZIL AND COLOMBIA EXPERIENCES

Abstract

Contextualization: This article addresses the carbon credit market from the perspective of transnational climate governance, focusing on the experience of Brazil and Colombia. The central issue of the research stems from the difficulties of implementing the new instrument, considering the diversity of legal systems and the way of designing traditional institutes shaped more towards the punitive and reactive perspective of environmental damage. All of this is allied to the lack of specific normative rules at the international level, including the definition of criteria for certification.

Objective: The general objective of the article is to describe the current normative framework of the carbon credits market, regulated and voluntary, in the context of transnational governance, with emphasis on the Brazilian and Colombian experiences.

Methodology: To carry out this work, we will use the deductive method with a bibliographic review, in order to establish correlations between facts and concepts relevant to the theme addressed and seeking to explain the logical and empirical implications arising from these correlations.

Results: In the capitalist economy format of environmental and economic sustainability of the carbon markets, we see that the carbon credits or emissions trading system have been a failure, because their objective was to serve as a Clean Development Mechanism, but the IPPC reports (2022) indicate that GHGs have increased and that the solutions proposed by world governments to stop climate change are wrong, among they carbon markets.