Three ordinances regulating the functioning of the voluntary carbon market have been published, as established in the January 5 decree-law.
On January 5 of this year, the Legal regime for the voluntary carbon market (the “Voluntary Carbon Market Regime”) was published, establishing the market and defining how it operates. We reported on the publication of the Voluntary Carbon Market Regime and the adjustments made through the Rectification Declaration of March 5 in the following legal flashes: Legal Regime for voluntary carbon market and Rectifications to voluntary carbon market legislation.
When the Voluntary Carbon Market Regime was approved, several aspects were left for subsequent regulation by the government. This happened on October 2 with the publication of three ordinances.
With the three published ordinances, the following aspects of the Voluntary Carbon Market are essentially regulated:
- The fees that the registration platform’s supervisory and management entities will charge in the voluntary carbon market (account opening, project registration, credit transactions, etc);
- The qualification criteria for the activity of independent project verifier (sectors of activity, requirements and procedures);
- The general requirements for the electronic registration platform, i.e. the functionalities that the platform must offer, and the mandatory information to be entered into it, particularly by the market agents.