Publication Date

Fall 2025

Abstract

This project examines the design, integrity, and early implementation challenges of Portugal’s newly established Voluntary Carbon Market (VCM), created through Decree-Law 4/2024 as part of the country’s broader climate-mitigation strategy. The objective of the study is to evaluate whether the market’s regulatory architecture—particularly its treatment of additionality, permanence, methodologies, and co-benefit mechanisms—positions it to function as a credible and viable national carbon-governance instrument. The analysis draws on a mixed-methods approach combining legal and policy review with four semi-structured interviews conducted with policymakers, methodological designers, ecological practitioners, and environmental-law specialists. These interviews reveal that Portugal’s VCM is characterized by strong integrity safeguards but also significant constraints tied to ecological conditions, land-fragmentation patterns, methodological scope, and evolving European and international regulatory frameworks. The study finds that while the VCM’s conservative design enhances credibility, it also narrows participation and introduces uncertainty for project developers navigating long-term commitments. The conclusion argues that Portugal’s VCM should be understood as an early-stage governance experiment whose success will depend on iterative methodological refinement, alignment with EU and Article 6 rules, and its capacity to balance rigor with practical feasibility.

Disciplines

Life Sciences | Social and Behavioral Sciences

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