Livia Savignon | Principal Consultant, Capco
The global energy transition constitutes one of the greatest structural challenges faced by the energy sector in the 21st century. The need to reduce greenhouse gas emissions, in line with international climate goals, imposes increasing restrictions on energy production, conversion and consumption, without compromising security of supply, economic competitiveness and the stability of energy systems. In this context, carbon credits emerge as a complementary economic instrument, capable of enabling gradual decarbonization trajectories, internalizing environmental externalities and directing capital towards low-carbon solutions.
In Brazil, a country characterized by a predominantly renewable electricity matrix, the relevance of the oil and gas sector and a leading position in biofuels, carbon credits assume a unique strategic role. This article analyzes, from an academic and sectoral perspective, the relationship between energy transition and carbon credits in the Brazilian energy sector, discussing economic fundamentals, market architecture, sectoral applications, financial implications, integrity and governance challenges as well as technological and innovation trends that shape the evolution of this market.
The study argues that carbon markets are not merely complementary instruments to decarbonization, but
increasingly strategic mechanisms capable of influencing investment allocation, competitiveness and long-term energy planning. By examining regulatory developments, market dynamics and technological enablers, the article concludes that the consolidation of a credible, transparent and technologically robust carbon market will be essential for aligning Brazil’s energy transition with economic resilience and global climate commitments.