O mercado de créditos de carbono como instrumento econômico de política ambiental

Abstract

In recent decades, the global debate on environmental issues has gained significant relevance, especially regarding climate change caused by the emission of greenhouse gases (GHGs) into the atmosphere as a result of human activities. Due to the cost inefficiency of traditional environmental policies applied at the international level, the search for alternative instruments to curb the increase of pollutants is recommended. This study aims to present the carbon credit market as an economic instrument to be used in environmental policy, highlighting its advantages compared to more commonly applied policies. Additionally, it provides an overview of the origin and functioning of the global carbon market, addressing the two international climate regimes that structured this mechanism: the Kyoto Protocol and the Paris Agreement. To achieve these objectives, the theoretical basis for the formulation of the carbon market, aligned with the approach proposed by Coase’s theorem for externalities, is discussed, in comparison with traditional environmental policies, namely the imposition of pollution standards and the application of taxes. Furthermore, a historical-institutional contextualization of global carbon markets is presented, highlighting the main mechanisms adopted and their operational rules. It is concluded that carbon markets can achieve an efficient level of emissions at a lower cost and play a relevant role in combating climate change.