BVRio Environmental Exchange

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Bolsa Verde do Rio de Janeiro (Rio de Janeiro’s Environmental Exchange) or BVRio is a not-for-profit association based in Rio de Janeiro, Brazil, created with the objective to create and promote the use of market mechanisms to facilitate compliance with Brazilian environmental laws. [1]

Rio de Janeiro Second-most populous municipality in Brazil

Rio de Janeiro, or simply Rio, is anchor to the Rio de Janeiro metropolitan area and the second-most populous municipality in Brazil and the sixth-most populous in the Americas. Rio de Janeiro is the capital of the state of Rio de Janeiro, Brazil's third-most populous state. Part of the city has been designated as a World Heritage Site, named "Rio de Janeiro: Carioca Landscapes between the Mountain and the Sea", by UNESCO on 1 July 2012 as a Cultural Landscape.

Brazil Federal republic in South America

Brazil, officially the Federative Republic of Brazil, is the largest country in both South America and Latin America. At 8.5 million square kilometers and with over 208 million people, Brazil is the world's fifth-largest country by area and the fifth most populous. Brazil borders every South American country except Chile and Ecuador. Its capital is Brasília, and its most populated city is São Paulo. The federation is composed of the union of the 26 states, the Federal District, and the 5,570 municipalities. It is the largest country to have Portuguese as an official language and the only one in the Americas; it is also one of the most multicultural and ethnically diverse nations, due to over a century of mass immigration from around the world.

Contents

Foundation, partnerships and governance

BVRio was created in 2011 [2] [3] by social entrepreneurs Pedro Moura Costa and Mauricio Moura Costa in partnership with the Rio de Janeiro State Government and the Municipality of Rio de Janeiro. More recently, it has established collaboration agreements with the Brazilian Amazonian states of Pará, Amazonas, and Acre. Its board includes the participation of Funbio (Brazilian Fund for the Biodiversity), FBDS (Brazilian Foundation for Sustainable Development), CEBDS (the Brazilian chapter of the World Business Council for Sustainable Development), and high visibility citizens, including environmental economist Sérgio Besserman, as well as representatives from Rio de Janeiro’s State and Municipal governments.

Pedro Moura Costa is an entrepreneur involved in environmental finance with a focus on the international efforts for greenhouse gas (GHG) emission reductions. Of particular relevance, he was the founder and President of EcoSecurities Group Plc., one of the leading project developers for the international carbon markets, and has written widely about the policy and science of climate change mitigation, including contributions to the Intergovernmental Panel on Climate Change (IPCC) reports.

World Business Council for Sustainable Development organization

The World Business Council for Sustainable Development (WBCSD) is a CEO-led organization of over 200 international companies. The Council is also connected to 60 national and regional business councils and partner organizations.

Sectors of activity

Launched in December 2011, BVRio initially focused on establishing partnerships with a wide range of stakeholders from government, NGOs and industry and to identify and prioritise sectors in which to focus its efforts. After consultation with these stakeholders, it became clear that BVRio should aim at operating at both the rural and urban environments, as well as at the industrial sector:

The Brazilian Forest Code is a piece of legislation passed in 1965. There has been controversy over the code, mostly centered on legal requirement for landowners in the Brazilian Amazon to maintain 80% of forests as legal reserves. This particular requirement has never been effectively implemented and implementation has again been delayed by President Luiz Inacio Lula da Silva until June 2011.

At the end of its first year, BVRio launched a trading platform to support the market of Forest Reserve Credits for compliance with the Brazilian Forest Law. Today, the exchange has the participation of more than 3000 participants and over 3 million ha of rural properties offering credits throughout Brazil. With relation to the reverse logistics system, the FRC Market already counts with the participation of more than 7,000 waste collectors, represented through 150 cooperatives distributed throughout the country. The sale of Reverse Logistics credits greatly increased the income of these waste collectors (estimated at ca. 50%), generating positive social and environmental benefits.

Prizes and awards

In 2003 BVRio won the Katerva Award in the Economics category [8] [9] and in 2014 BVRio was nominated a "Climate Action Leader" by the R20 Regions of Climate Action as an acknowledgment for BVRio's work on the Green Finance Mechanism. [10] Additionally, it received the Madeira Awards in 2014, and was shortlisted for awards from Yale University and UNDP in 2013/2014.

The R20 - Regions of Climate Action is a non-profit environmental organization founded in September 2011, by former Governor of California, Arnold Schwarzenegger, with the support of the United Nations. R20 is a coalition of sub-national governments, private companies, international organizations, NGOs, and academic & financial institutions. Its mission is to accelerate sub-national infrastructure investments in the green economy to meaningfully contribute to the Sustainable Development Goals (SDGs).The NGO operates at the sub-national level as R20 believes sub-national governments constitute a powerful force for change and are best positioned to take action & implement green projects.

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References

  1. ↑ EPA, "EPA"
  2. ↑ Financial Times 2011, "Financial Times"
  3. ↑ Valor Economico 2011, " Valor Economico"
  4. ↑ Financial Times 2012, "Financial Times"
  5. ↑ Valor Economico 2013, "Valor Economico"
  6. ↑ Fundacao Getulio Vargas GVces, "GVces"
  7. ↑ Forest Legality Alliance,"FLA"
  8. ↑ Katerva Awards, "Katerva"
  9. ↑ Moore Foundation, "Moore"
  10. ↑ Avina Foundation, "Avina"
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