“…However, according to the data presented at COP27, the country did not meet the targets, and projections are pessimistic, as emissions have increased instead of decreasing since then (IPCC, 2022). Nevertheless, despite the Brazilian government going against global trends, there is a growing awareness of global climate change that shapes investments and markets(De Souza Cunha et al, 2021), and prospects for the carbon market are extremely favorable(Anis et al, 2022).However, unlike many regions where carbon is treated as a commodity, Brazil has not yet established an "emissions trading system" market(World Bank, 2016). At the national level, the Law No.…”