The upcoming 2nd anniversary of B4, the First Climate Action Exchange, is the perfect moment to reflect on the trajectory of the carbon market in the country since its launch on August 13, 2023. In this retrospective, we revisit the initial challenges, the achievements, and the milestones that have shaped Brazil’s voluntary carbon credit market over the past two years — all from the perspective of B4, whose journey has driven transparency, innovation, and sustainable growth in this emerging sector.

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2023 – B4 is Born in a Void of Transparent Carbon Market

In 2023, Brazil lacked a structured and reliable carbon market. It was in this context that B4 officially launched on August 13, 2023, as the first climate action exchange in the country. B4 was born with a bold thesis:

“There is no carbon credit in Brazil — tracked, transparent, audited, serious, and that truly represents a real decarbonization project.”

In other words, the Brazilian market lacked carbon credits with traceability and credibility, ensuring that each ton of CO₂ offset actually corresponded to real emission reductions.

In the media — In August 2023, Estadão reported the launch of B4 as the first exchange dedicated to carbon credit trading in Brazil, highlighting transparency and blockchain traceability. In 2024, the newspaper returned to the topic, reporting attempts to list fraudulent credits in the market — reinforcing the need for governance and integrity verification, pillars that guide our work.

B4’s debut — even brought forward by a year due to market pressure for climate solutions (“We were pushed by the market to take a stand,” said CEO Odair Rodrigues) — represented a historic milestone: it had been over 60 years since a new exchange was founded in Brazil. From day one, B4 set out to fill the transparency gap through blockchain technology to record all credits and transactions, preventing fraud and double counting.

This Brazilian initiative aligned with global sustainability trends at a time when the voluntary carbon market worldwide was already moving around US$ 2 billion in 2022, with projections to reach US$ 50 billion by 2030 — clear evidence of the enormous potential to be tapped.

On the regulatory side, however, the country was still struggling. By 2023, experts warned that Brazil, despite its immense potential for emission reduction projects, was losing opportunities due to the lack of carbon market regulation. This forced companies and investors interested in offsetting emissions to seek alternatives abroad, such as importing carbon credits — an irony for a country with an “environmental gold mine” in terms of forests and sustainable project potential.

This scenario reinforced the urgency of voluntary initiatives like B4 and spurred legislative debate: by the end of 2023, the Chamber of Deputies finally approved the bill creating the regulated Brazilian carbon market, indicating that a national emissions trading system was on the way (the bill then moved to the Senate and presidential sanction).

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2024 – Rapid Growth, Education, and Strict Project Selection

B4’s first year of operation exceeded expectations. By August 2024, at the exchange’s first anniversary, the numbers spoke for themselves: about 300 projects were already scheduled for listing, totaling 80 million tons of potential sustainable credits on the platform. This impressive volume of assets in preparation far exceeded initial projections — the original expectation at launch was to move R$ 12 billion in credits in the first year, a figure widely surpassed given the heated demand.

For comparison, McKinsey estimates the global carbon market could reach US$ 50 billion by 2030, and B4’s experience suggests Brazil does not want to be left out of this sustainable race.

On the corporate side, there was strong engagement with B4’s initiatives. Between November 2023 and January 2024, more than 1,800 companies approached the exchange to conduct their carbon footprint inventories — the first step toward joining the sustainability journey. This interest shows that corporations began to see B4 as a strategic ally in implementing decarbonization plans. “Some companies showed interest in understanding what they are doing in the environmental context and the impacts they are generating,” explained CEO Odair Rodrigues, highlighting the growing demand for emissions calculation and carbon offsetting via credits.

However, turning this interest into listed credits required rigor and patience. B4 set a high Accreditation Standard for project approvals to ensure the integrity of carbon credits. At the beginning of 2024, of the 185 projects submitted for listing, only 7 passed initial reviews, and just 5 were ready for listing at that time. This approval rate — under 1% — makes clear that Brazil’s carbon market still has a long road to maturity: many companies need to improve their projects to meet the required standards.

According to B4, this gap highlights above all a lack of knowledge in the sector, making environmental and financial education essential.

To address this, B4 invested in education and awareness throughout 2024. In its first year, it held over 5 free public educational events in São Paulo, such as the “Climate Action in Focus” seminar series. These gatherings brought together sustainability experts, financial market professionals, and blockchain technologists to discuss everything from carbon market regulation to traceability tools and ReFi (regenerative finance). The events also served to showcase B4’s solutions and demystify the carbon credit market, bringing investors, companies, and civil society closer to this emerging field.

B4 also launched innovative initiatives to engage and educate its audience. One was the Agente do Clima (Climate Agent), an AI tool designed to help companies and individuals calculate their carbon footprints. In under 24 hours, the Climate Agent generates detailed emissions reports, enabling users to quickly understand their climate impact. Integrated with B4’s Climate Action Clock, this solution helps organizations pinpoint emission reduction opportunities and involves everyday citizens in the sustainability journey.

In the educational sphere, B4 expanded its partnerships and programs, including the creation of the Traders Academy, an immersion program teaching investors and newcomers how to use B4’s platform. As Odair Rodrigues emphasized, the aim is “to help people learn about the sustainability market” and ensure that investors and companies can “step onto familiar ground” when entering the sector. Knowledge comes first — and B4 wants to be a cornerstone in building that foundation for Brazil’s carbon market growth.

A major moment in 2024 was the announcement of B4’s Special Projects Department. In August, during its first anniversary week, B4 revealed this division dedicated to accelerating and supporting climate projects in development. Led by Special Projects Director Maurício Cardoso, the department started with a portfolio of over 645 projects across the country — all traceable from day one on the exchange’s blockchain. The goal is to provide mentorship and credibility to regenerative initiatives, ensuring that when they reach listing, they are mature, robust, and have proven socio-environmental impact.

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2025 – First Listings and Milestones Toward a Consolidated Market

As the voluntary market matured, 2025 brought the first tangible results in the form of carbon credit listings on B4’s platform. After months of rigorous review and adjustments, B4 approved its first carbon credits for listing in mid-2025, marking the opening of its order book.

This was a historic milestone: the first-ever carbon credit listing on a Brazilian climate action exchange. In total, 5 million tons of CO₂ equivalent were approved for listing on B4. These credits correspond to carbon that was either prevented from being emitted or removed from the atmosphere. Thanks to blockchain, each ton is tracked in real time, giving buyers and stakeholders confidence in the listed Carbon Credit Project — a true validation of the model B4 proposed a year earlier.

Following this first step, B4 entered 2025 focused on scaling up project listings. The pipeline remained strong: in 2024, there were 15.8 million tons of credits undergoing technical review for future listings, from dozens of companies and projects across Brazil. This number continued to grow over the following months. The exchange set an ambitious pace: listing at least one sustainable asset project every three months. Indeed, as B4’s 2nd Anniversary Week (August 2025) approaches, the platform is set to celebrate the addition of 5 new sustainable projects to its portfolio, increasing the diversity of sustainable assets available.

Among them are innovative initiatives such as Amazon rainforest conservation projects with satellite monitoring, renewable energy projects, and even the first regulated market carbon credits listed on B4 — such as the Camaquã Project by the Coomysa cooperative, aimed at restoring degraded areas in southern Brazil. By listing regulated credits, B4 demonstrates its versatility in handling both voluntary and regulated market credits, bridging the two sides of this ecosystem.

It’s worth noting that, alongside B4’s progress, Brazil took concrete steps in carbon market regulation. In December 2023, as mentioned earlier, the Chamber approved the creation of the Brazilian Emissions Trading System (SBCE), which sets sectoral emission caps and establishes a cap-and-trade market for the country. In 2024 and 2025, discussions advanced in the Senate and in the detailed regulation of the law, including debates over whether to include sectors like agribusiness and road transport.

Presidential approval of the carbon market law — in December 2024 — paved the way for implementation in the coming years. This means Brazil now has an active regulated carbon market, where major emitters have caps and compliance requirements and must offset their carbon footprints. B4’s experience in the voluntary market is a valuable asset: the exchange acts as a bridge between real projects and companies required to mitigate emissions, leveraging its already established trust and traceability infrastructure.

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Conclusion – A New Level for Brazil’s Carbon Market

In just two years, the trajectory of B4 and the Brazilian carbon market has been one of rapid transformation. From a 2023 scenario in which “carbon credits with trust attributes” barely existed in Brazil, we arrive in 2025 with credits listed and multiple projects queued to enter the market. B4 has played a catalytic role in this process, proving that it’s possible to create a safe, transparent, and traceable environment for sustainable assets in the country.

The accumulated numbers reflect a market in climate-driven momentum: millions of tons of credits approved or under review, and companies taking their first steps toward understanding and mitigating emissions. More important than the numbers, however, is the mindset shift underway: corporate sustainability and regenerative economics have moved from abstract concepts to concrete actions — supported by growing strategic partnerships.

The next phase promises to be even more challenging and exciting. With national regulation finally in place, Brazil is expected to claim the prominent role it deserves in this market, rather than continuing to “sit on an environmental gold mine” without unlocking its potential. The integration of the voluntary market (where B4 thrives) with the regulated market will bring added scale and credibility. And B4 will keep innovating — whether through new technological tools (like the evolution of the Climate Agent and the Climate Action Clock) or by expanding strategic partnerships with financial institutions.

As we prepare for B4’s anniversary week, we celebrate not just the anniversary of a company, but the strengthening of Brazil’s regenerative market — one that unites environmental goals with economic opportunities, connecting those who reduce emissions with those who need to offset them, all with integrity and transparency. As the founders wrote in 2024, B4 inaugurated “a new phase for the sustainability market” in the country — and the events so far confirm that vision.

On the upcoming August 13, we toast to a Brazilian carbon market that is increasingly mature, robust, and delivering real positive impact — ready to raise the bar for national climate ambition and celebrate many more years of achievements for the planet.

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See all this in real time on B4’s Climate Action Clock

Official Website: b4.capital

Carbon Footprint Diagnosis in 24h: agentedoclima.com

Climate Action Clock: b4.capital/en/climate-action-clock

Sources: B4 – Blog and News; Argus Media; Chamber of Deputies – News Agency; Universo do Seguro; Estadão