Brazil does not have a national law that specifically addresses the legal nature and ownership of carbon credits or rights to greenhouse gas (GHG) emission reductions and/or removals. It is however expected that the implementation of the Brazilian Climate Change Policy, which promotes the development of an organized Brazilian carbon market overseen by the Brazilian Securities and Exchange Commission, will lead to an eventual clarification of the precise nature and ownership of tradable carbon rights.
Some legislation at state-level already refers to rights derived from measures that reduce or remove GHG emissions, but stops short of clearly stating how these rights to emission reductions are to be treated outside the governmental programs they create. For instance the Amazonas State Climate Change Policy establishes the general legal framework for promoting carbon offset projects and payments for ecosystem services within land owned by the State, and assigns the rights to exploit environmental products and services (implicitly including carbon rights) to a publicprivate institution created for this purpose
In the absence of particular legal treatment, general provisions of constitutional and civil law are applied to define initial ownership of these credits or rights. The Brazilian Civil Code states that the ownership right shall include the right to use, dispose of , and legally defend the property against unlawful possession. The Civil Code further states that the accessories or products derived from “a thing” belong to the owner of that thing unless stipulated otherwise by specific rule or contract (e.g., the rights to accessories and products may be transferred via usufruct, lease or the grant of surface rights). As a general rule this implies that the right to exploit GHG benefits associated with a certain activity rests with the owner (or rightful holder) of the physical asset or process that generates
World Bank. Author: Chagas, Thiago. Document Date: 2010/10/01.Document Type: Working Paper.Report Number: 65866