Argentine Senate approves carbon market bill, sends to lower house

Argentina's Senate approved a national carbon market framework by a 60-2 vote on 29 October, advancing legislation to the Chamber of Deputies. The bill aims to regulate carbon credit ownership, facilitate international market access, and attract investment, with industry estimates suggesting potential annual exports of $1.4 billion to $3.9 billion. It establishes a National Emissions Reduction Registry (ReNaRe) for oversight and recognises credits as financial assets. The framework also includes fiscal stability for registered projects and provisions for international transactions, including those under Article 6 of the Paris Agreement. Environmental groups have raised concerns about potential weak oversight and its implications for land rights and local communities.

This summary was written by carbon.fyi from the reporting linked above. It is not a quotation; cite the original source.