Brazil’s Central Bank President advocates the country to move forward with Article 6 negotiations

With a word of warning that he was taking a risk and stepping out of his role, Central Bank president Roberto Campos Neto stated that COP26 is a great opportunity for Brazil to help close negotiations of Article 6, as reported by Folha. This specific section of the Paris Agreement establishes rules for those who want to participate in carbon markets around the world. It allows countries without carbon markets to access resources from those that have and, in exchange, help the latter meet their climate targets.

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“It is very important to develop carbon pricing mechanisms,” said the economist in a virtual lecture at the Brazilian stand at COP26. In the last climate meetings, Brazil blocked the negotiations on the theme. One of the main issues of the current COP is exactly the definition of how countries can voluntarily collaborate to reach targets through market mechanisms.

According to Campos, there is no escape anymore. The demand for ESG products by investors and investment funds is a path of no return. Therefore, enabling sustainable finance is increasingly relevant for him. “Environmental concern has come strongly to the financial sector,” he says.There are many people, however, who warn against the oil companies’ narrative of buying carbon credits to offset the emissions of their products. On Wednesday, Greta Thunberg posted on her Twitter account that the fossil fuel sector and the banks that support it are among the biggest climate villains and are in Glasgow to promote carbon credits giving  a free pass to those who want to pollute.

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