Ministry of Agriculture, Livestock and Food Supply - Embrapa

Figure 15. Distribution of the atmospheric carbon dioxide concentration according to date
and latitude.
Source: www.mlo.noaa.gov/projects/GASES/co2glob.htm
(DNA). The Brazilian DNA is the Interministerial Commission on Climate
Change. Only after approval from the DNA can a project be submitted to the
UN for evaluation and registration.
Current CDM panorama
The CDM is the flexibilization mechanism with the highest risk to
investors, because of the considerable uncertainty and red tape involved until
the UN finally approves the project, in addition to its high transaction costs
(from US$ 100,000 to US$ 150,000). Some countries (Annex I), such as Iceland
and Australia, have not yet signed the reduction commitment (with the possibility
of even increasing their emissions during the commitment period), while
others, such as Russia, have substantially reduced their emissions and can
profit considerably from allowance trading, since allowances are the safest
and most valuable credits.
It would be extremely important to undertake economic studies to obtain
long-term projections as soon as possible. At present, the price of a ton of
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