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GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
BUSINESS FOR CLIMATE PLATFORM
EMISSIONS TRADING SYSTEM
EPC ETS
Final Report: March to November 2015
Summary Report
Delivered by: In partnership with:
August/2016
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
MASTHEAD
REALIZATION
FUNDAÇÃO GETULIO VARGAS Centre for Sustainability Studies (GVces)
GENERAL COORDINATOR
Mario Monzoni
VICE COORDINATOR Paulo Branco
EXECUTIVE COORDINATOR Guarany Ipê do Sol Osório
TECHNICAL COORDINATOR
Mariana Nicolletti
TEAM Betania Ap. Perboni Vilas Boas Guido Couto Penido Guimarães
COLLABORATORS Fernanda Rocha
Guilherme Borba Lefèvre Inaiê Takae Santos
ACKNOWLEDGEMENTS
EPC ETS 2015 Advisory Council
Alexandre Kossoy (World Bank), David Lunsford (Delta Carbon Ag), Jeff Swartz (IETA), Mario Monzoni (GVces), Nicolette Bartlett (CDP and We Mean Business), Pedro Moura Costa (BVRio), Stephan Schwartzman (Environmental Defense Fund – EDF)
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
Contents
INTRODUCTION 4
KEY CONCLUSIONS 5
1. ABOUT EPC ETS 2015 6
2. RESULTS AND ANALYSIS 8
3. STRATEGIES AND PERFORMANCE 11
4. CHALLENGES AND LESSONS LEARNED 14
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
INTRODUCTION
The main objective of the simulated Emissions Trading System of the EPC (Business for Climate
Platform) is to offer the Brazilian business sector the opportunity to experiment with a market
instrument for carbon pricing and, at the same time, enable its contribution to the debate on
this matter in Brazil and internationally.
The second operational cycle of the EPC ETS was held in 2015, with the participation of 23
companies from different sectors of the Brazilian economy who sought to balance their 2015
emissions at the lowest possible cost using bonds available on the EPC ETS (emissions
allowances and offsets). This report contains the results, analysis, challenges, and lessons
learned from the EPC ETS 2015, operational between March and November.
Emission data from the EPC ETS is real and covers Scope 1 emissions from the emissions
inventories of the participating companies, these being registered through the Brazilian GHG
Protocol program, which annually publishes the previous year’s corporate emissions
inventories every August. It is thus only now possible to attain final results and analysis of the
EPC ETS 2015.
The Rules and Parameters of the EPC ETS are annually revised and were defined in conjunction
with the companies participating in the initiative, in 2013, based on studies and debates on the
main emissions trading systems, such as the EU ETS1, California Cap and Trade2 Program,
among others. There is a rule dealing with the confidentiality of the participating companies:
their performances and strategies are disclosed only through pseudonyms.
All transactions occurred through the Instituto BVRio| Bolsa de Valores Ambientais transaction
platform and are carried out with a fictitious currency, the EPCents (Ec$), which is pegged to
the Real (Ec$1,00 = R$ 1,003).
Table 1- Key Information regarding the EPC ETS 2014 and 2015
General Information 2014 2015 Comparison 2014-2015
Number of participating companies
22 23 >5%
Global Cap 23.486.332
tCO2e 30.782.427 tCO2e >31%
Financial Volume- Secondary Market
Ec$ 25.541.400 Ec$ 49.605.017,50 >94%
1 The European Union Emissions Trading System (EU ETS) is the first and the world's largest emissions trading system, covering 2007.8 MtCO2e. Over 11,000 power plants and production facilities of pulp and paper, cement, oil and gas, among others, are covered by the EU ETS (ICAP, 2016). 2 The California Cap and Trade Program regulates 350 entities of transport, industry, and power generation, responsible for coverage of approximately 85% of the state's emissions (394.5 Mt CO2e). 3 At the beginning of the operational cycle, a financial allocation of 150% of the value of allowances needed to be acquired by the company is made, taking into account base year emissions.
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
Maximum Allowance Price - Secondary market
Ec$ 35 Ec$ 41,50 >18%
KEY CONCLUSIONS
➢ In the 2015 cycle, the EPC ETS limited Scope 1 emissions of the group of participating
companies to 30,782,427 tCO2e (global cap), which represents a 12% reduction
(relative to levels of 2013). However, these companies reported direct emissions 9%
above the established limit (33,600,767 tCO2e). Between 2013 and 2015, the
companies reduced their direct emissions by 3%. The reduction happened, more
specifically, between 2014 and 2015, given that between 2013 and 2014 companies
increased their emissions by 1%.
➢ Notable participating sectors are services, who increased emissions by 43% between
2014 and 2015; the manufacturing industry, representing 85% of emissions covered
by the initiative, and which decreased emissions by 4%; construction, for presenting
the greatest reduction in emissions, 23%; and energy, which kept the same level of
emissions.
➢ Of the 24 participating companies4 of the EPC ETS 2015, ten (42%) were able to
balance their direct emissions, and four (16%) came close. On the other hand, ten
(42%) companies didn’t balance their emissions.
➢ Of the 10 companies that balanced their emissions, 7 obtained surplus allowances,
even taking into account the banking strategy5. Only Ágata, Tatu Bola, and IP&S
acquired a volume of bonds close to the volume of emissions, reflecting a strategy of
participation in the simulation closest to the emissions management of the
company.
➢ On average, companies had an average net cost of acquisition of bonds (financial
indicator) of Ec$ 30 per tCO2e. Among the group of companies who balanced their
emissions the lowest financial indicator was Ec$ 21.11, and the greatest was Ec$ 40.
➢ Allowances reached a trade price of Ec$ 41.50 on the secondary market, presenting
throughout the cycle an appreciation of 40%, while offset type 1 appreciated by 60%.
Offset type 2 presented a smaller appreciation of 13%, after the verification simulation
in November.
➢ Different strategies were adopted by the companies with the best performance,
among them: active participation in allowance auctions, portfolio diversification with
offsets, acquisition of bonds on the futures market, and financial speculation.
➢ In addition to a participation strategy in the EPC ETS, it is essential that the
relationship between carbon pricing and business competitiveness be made clear to
companies, given that by making carbon intensive projects and investments less
4 One company is participating with 2 players, due to the difference in its business activities. As such, indicators and analysis
account for the participation of 24 players in the EPC ETS 2015. 5 Part transfer of excess allowances (up to 5% of Scope 1 allowances of the current cycle) to the next cycle.
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
attractive, this economic instrument provides a reduction in risk for companies facing
possible regulation.
1. ABOUT EPC ETS 2015 23 companies of the most varied sectors of the Brazilian economy took part in the second
operational cycle, in 2015, of the EPC ETS.
Figure 1 - Participating Companies in the EPC ETS 2015
The EPC ETS 2015 was responsible for the coverage of 34,476,3186 tCO2e, which represents approximately 3% of national emissions7 of 2014, excluding emissions from land use change. Only five companies account for nearly 86% of emissions coverage of the EPC ETS 2015. The global cap was calculated at 30,782,427 tCO2e, once a 12% reduction target was applied
to Scope 1 emissions of 2013, base year of the EPC ETS. Approximately 50% of allowances that
make up the global cap were allocated for free, based on the result of the indicator for
carbonic intensity of each sector.8
In total, 8 auctions took place during the second operational cycle. In practically all auctions
demand outstripped supply9. On average, demand was 81% higher than supply. In addition,
the price of allowances progressively appreciated. The final auction registered a closing price
of Ec$ 46, compared with the opening price of the first auction, at Ec$ 22. On average, closing
prices at auctions were 17% greater than opening prices.
6 Taking into account Scope 1 of participating companies, in 2013, base year of the EPC ETS. 7According to the SEEG (Estimative System of Greenhouse Gas Emission), national emissions, in 2014, were 1,071,834,529 tCO2e,
excluding emissions from land use change. 8 The company with the best indicator receives 60% of the volume of allowances needed to balance their base year emissions, the company with the worst indicator receives 40%. For sectors where a benchmarking study wasn’t possible due to lack of data of companies of the same productive activity, the allocation is of 50%. Another portion of the allowances were sold through auctions which took place throughout the cycle. 9 The volume of allowance purchase orders was greater than the volume supplied by the Managing Committee at auction.
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
On the secondary market in 2015, a total of 649,000 tCO2 in allowances was traded, 1,529,423
tCO2 in type 1 offsets, and 433,689 tCO2e in type 2 offsets (Graph 1).
Graph 1- Volume of bonds (allowances and offsets) traded on the secondary market of the EPC ETS
2015
The scarcity of allowances resulted in an increase in the demand for offsets, specially for offset
type 1, which presents no performance risk. As such, offset type 1 saw an appreciation of
approximately 60% over the cycle, while allowances appreciated 40%, taking into account the
average bond price. Offset type 2 presented a greater appreciation (13%) after the simulation
verification in November, as by then the bond no longer presented a performance risk (Graph
2).
I
n
Graph 2 – Average Price (Ec$) traded on the secondary market of the EPC ETS 2015
In 2015, the futures allowance market10 was implemented in the EPC ETS, with the purpose of
offering participating companies new operational strategic possibilities. 7,136 allowance
contracts for Ec$34 were traded on this market. At the time of settlement of these contracts at
the end of the cycle, allowances were being traded on the secondary market for Ec$ 41.50.
2.0 RESULTS AND ANALYSIS
Operational Analysis
10 Futures contracts are traded on this market, which are agreements to buy and/or sell an asset at a determined future date at a
previously determined price.
0
250
500
750
March April May June July August September October November
Tho
usa
nd
s
Allowance Offset type 1 Offset type 2
15,
20,3
25,5
30,8
36,
41,3
31/3 30/4 30/5 30/6 15/7 15/8 15/9 15/10 15/11
Ec$
Allowance Offset type 1 Offset type 2
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
Of the 24 participating companies11 in the EPC ETS 2015, ten (42%) were able to balance their
direct emissions: Ágata, Jenipapo, Mico Leão Dourado, IP&S, Onça Pintada, HOM, FCE,
Paineira, Mailu, and Tatu Bola.
Four (16%) came close to balancing their emissions: Sapphire, Mimus Sartuninus, Ubuntu, and
Floresta, with an operational indicator of between 0.75 and 0.95. On the other hand, 10 (42%)
companies did not balance their emissions, with an operational indicator below 0.50 (Graph 3).
Graph 3- Percentages of company positioning with relation to Scope 1 emission balance of 2015, with
EPC ETS bonds.
Of the 10 companies balancing their emissions, 7 obtained excess allowances, taking
into account the banking strategy. Only Ágata, Tatu Bola, and IP&S acquired a volume of bonds
close to volume of emissions, reflecting a strategy of participation in the simulation closer to
the emissions management of the company.
Notable among the participating sectors are: services, which increased its emissions by 43%
between 2014 and 2015, with 2 of the 6 sector companies balancing their emissions; the
manufacturing sector, which represents 85% of emissions covered by the initiative, and which
decreased its emissions by 4%, with 3 of the 6 companies reaching their target of balancing
their emissions. The construction sector presented the greatest reduction in emissions, of 23%,
composed of 3 companies, 2 of which balanced their emissions. The energy sector maintained
the same level of emissions, and two of the three participating companies balanced their
emissions.
Financial Analysis
Overall, the financial indicator average,12 the average cost of bonds acquired on the market,
was of approximately Ec$ 30, disregarding 4 companies which did not operate on any market
of the EPC ETS (Tamanduá, Vitória Régia, Pink, and Pau Brasil) and, as such, possess no
financial indicators. In terms of companies which balanced their emissions, Onça Pintada and
11 One company is participating with two players, due to the difference between its business activities. As such, indicators and
analysis take into account the participation of 24 players in the EPC ETS 2015. 12
The financial indicator reflects the bond price at the moment the company operated on the market, taking into account only the
average liquid cost of bond acquisition on the EPC ETS market.
42% of companies balanced their emissions 42% of
companies did not balance their emissions
16% of companies came close to balance
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
FCE were the companies that acquired allowances on the market at the lowest average cost,
their respective financial indicators being Ec$ 21.11 and Ec$ 24.15.
Another indicator monitored on the EPC ETS is the cost of balance13, which represents the
monetary cost per portfolio bond, rather than considering only the average cost of bonds
acquired on the market. For portfolio bonds, allowances obtained via initial free allocation and
bonds acquired on the market are taken into account.
Among companies which balanced their emissions, in terms of cost of balance, Tatu Bola, Mico
Leão Dourado, and IP&S are noteworthy, with respective balance costs of: Ec$ 13.67, Ec$
15.47, and Ec$ 16.03 (Graph 4). During the 2015 cycle, penalties pertaining to the 2014 cycle
were applied. Thus, for penalised companies, the cost of balance also took into account the
penalty cost from the previous cycle, as well as the cost of acquiring bonds on the market.
Graph 4- Indicators: financial and cost of balance per company participating in the EPC ETS 2015.
Finally, a sectoral analysis indicates that participating companies from the pulp and paper
sector presented overall the greatest cost of balance - Ec$ 50.40. This is due to penalties
pertaining to the 2014 cycle incurred in 2015. The group with the second highest cost of
balance was the manufacturing industry, at Ec$ 25.96. Companies from the service sector also
came close to this average, with Ec$ 23.87. It is worth emphasising that companies
representing the manufacturing industry presented a 4% decrease of emissions, and the
service sector a 43% increase in emissions, in the period between 2014 and 2015.
The groups representing the energy and construction sectors are notable for their lowest
average cost of balance: Ec$ 19.73 and Ec$ 16.62 respectively. It is important to mention that
the participating companies of the energy sector practically maintained their emissions stable
between 2014 and 2015, while the construction sector reduced its emissions by 23%.
13 Is the ratio between the total net expenditure of the cycle and the volume of securities in the portfolio, both recorded at the
end of the cycle.
0,
17,5
35,
52,5
70,
HOM JAT SAP PAI IPS MIS JAC JAG UBU ONP TAA PIK
Ec$
Financial Indicator Indicator of Balance Cost
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
Finally, it is important to highlight that the financial indicator and the cost of balance don’t
take into account the marginal cost of abatement of companies which invested in emission
reduction. It should be emphasised that, in a real ETS, when the marginal cost of abatement is
lower than the cost of balance, the company should invest in emission reduction. As such, in
this case, the best strategy, whether to internally reduce emissions or acquire allowances,
depends on the marginal cost of emission reduction versus the price of allowances on the
markets.
3.0 STRATEGIES AND PERFORMANCES
The performance of the companies participating in the EPC ETS 2015 depends on a
combination of the operational result and the financial result, where the goal is to balance
direct emissions from the current cycle with bonds available on the EPC ETS, at the lowest
possible cost14.
Among companies that reached the best operational performance, which is to say, came close
to an exact balance, Tatu Bola presented the lowest cost of balance, Ec$ 13.67; for IP&S and
Ágata this cost was respectively of Ec$ 16.03 and Ec$ 23.16 (Graph 7). The companies in the
best position (closest to the 1 on the X-axis and lower on the Y-axis) sought to align their
participation in the EPC ETS operation with their emission management and sought to identify
the best moment for the purchase of bonds, factoring opportunity cost.
14 In addition to the operational indicator, the final analysis also takes into account the cost of balance, which encompasses the
cost of acquiring bonds on the market and the cost of penalisation from the previous cycle, and also considers the allowances
received via the initial free allocation.
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
Graph 6- Performance of the companies participating in the EPC ETS 2015, according to a combination of the operational indicator and the cost of balance. Acronyms and their respective pseudonyms: Ágata=AGA;
FCE=FCE; Floresta= FLO; Hiteco=HIT; HOM=HOM; IP&S=IPS; Jacarandá=JAC; Jacutinga=JAT; Jaguatirica= JAG; Jenipapo= JEN; Mailu= MAI; Mico Leão Dourado=MLD; Mimus Sartuninus = MIS; Onça Pintada=ONP; Paineira=PAI; Pau Brasil= PAB; Pau Ferro= PAF; Pink= PIK; Sapphire= SAP; Surubim= SUR; Tamanduá=TAA; Tatu Bola= TAB; Ubuntu= UBU; Vitória Régia= VIR.
The indicators of the 2015 cycle of the EPC ETS shown previously, as well as the Cartesian
performance graph (Graph 7), account for the penalties relative to the previous cycle (2014)
incurred in 2015, showing the real situation of the participating company at the end of the
2015 cycle. Thus, if the company received penalties in 2015 pertaining to the non-balance of
the previous cycle, its indicators will reflect this adversity. Furthermore, due to using more
than one indicator, the performance graph - despite indicating the best and worst
performance - doesn’t allow for a direct ranking of participants, as there isn’t a metric to
assess the relative importance of each of the two indicators analysed15.
Therefore, as a ranking exercise, purely portraying performances in the 2015 cycle - without
taking into account penalties from the previous cycle - a single performance indicator was
15
That is, the cost of balance indicator and the operational indicator.
0
10
20
30
40
50
60
70
80
0 0,5 1 1,5 2 2,5
C
ost
of
Bal
ance
PAF
AGA
SAP
TAA
JEN
VIR
PIK
MLD
SUR
MIS
ONP
UBU
TAB
HOM
FCE
JAT
IPS
JAC
HIT
JAG
FLO
MAI
PAI
PAB
Operational Indicator
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
elaborated. This indicator takes into account the complete performance in the 2015 cycle,
including penalties and amount of surplus allowances (beyond banking) generated in this
cycle.
The indicator is based on a comparison between the hypothetical cost16 for the
company to balance its emissions and the actual cost17, which adds the net cost in the cycle
plus penalties (financial and operational, the latter being converted to financial value).
Table 3- Performance Ranking of Companies Participating in the EPC ETS 2015.
Ranking Company Pseudonym Indicator
Ranking Company
Pseudonym Indicator
1 Tatu Bola 0,94 13 Hiteco 2,16
2 Mico Leão Dourado 0,99 14 Pau Ferro 2,34
3 IP&S 1,05 15 Pink 2,35
4 Ágata 1,11 16 Pau Brasil 2,35
5 Mailu 1,18 17 Floresta 2,38
6 Ubuntu 1,22 18 Jaguatirica 2,49
7 FCE 1,28 19 Jacutinga 2,86
8 Sapphire 1,49 20 Vitória Régia 3,48
9 Mimus Sartuninus 1,51 21 Jenipapo 3,53
10 Paineira 1,75 22 Jacarandá 4,24
11 HOM 1,80 23 Tamanduá 5,30
12 Surubim 1,90
Tatu Bola presented the best performance indicator of the 2015 cycle, with 0.94. This means
that its real cost was 6% inferior to the hypothetical cost calculated based on the average price
of allowances in the cycle.
16
Hypothetical cost is determined by the average allowance price of the cycle and the bonds needed for balance of each company at the beginning of the cycle (after initial free allocation) 17Actual cost = net cost + financial penalty + (operational penalty - banking). Considering 2015 data.
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
One company was left out of the ranking, Onça Pintada, as it had a significant reduction of
emissions in the cycle, so that the bonds obtained through the free allocation were more than
enough to cover its total emissions for the cycle.
The performances are reflections of the strategies adopted by the companies. The operational
and financial results of Ágata, Tatu Bola, and IP&S demonstrate that the primary strategy of
those companies was to align their participation in the EPC ETS with emission management. Of
those companies only Tatu Bola reduced its emissions. Between 2014 and 2015 the company
reduced its Scope 1 emissions by approximately 9%.
Tatu Bola, IP&S and Mico Leão Dourado actively participated in auctions, especially in the first
ones, with purchase orders for large volumes of allowances at opening18. The strategy of Ágata
is noteworthy, being the only company to operate on the futures market of the EPC ETS 2015.
Ágata acquired approximately 67% of its volume of portfolio allowances on the futures
market.
Ágata, IP&A and Mico Leão Dourado also invested in diversifying their portfolio with offsets,
once they were being traded through the cycle at a lower cost than the allowance. Compared
to the 2014 cycle, the number of companies adopting this measure was greater. Also in this
regard, FCE for example, inserted its own type 1 offsets in its portfolio, traded part of these
offsets obtaining financial gain, and used the other part to balance its emissions.
Finally, it is worth mentioning Mico Leão Dourado’s operation, which engaged in financial
speculation. At the end of the cycle, the company sold type 1 offsets for a price close to 25%
higher than what it paid for the bond. This strategy contributed to the company’s financial
performance, one of the best of the cycle.
4. CHALLENGES AND LESSONS LEARNED
Implementing and operating a simulated emissions trading system which involves companies
of different sectors and characteristics requires facing different types of challenges, from
structural to operational. These challenges are more pronounced given that the emissions
trading system is a relatively new economic instrument in the Brazilian business context, and
dependent on public policy.
On the other hand, there are innumerable gains from the lessons learned, given that an
emissions trading system requires an understanding of conceptual issues, economic variables,
and associated technical knowledge. The joint construction, through interaction with academia
and the business sector, is as important as the lessons from the strategic field.
As such, since 2013, when the EPC ETS was first designed, important lessons and challenges
were identified in relation to the structuring of an emissions trading system, especially in
Brazil. The operations of both cycles, 2014 and 2015, brought further elements, mainly
pertaining to the following challenges and lessons:
18EPC ETS auctions respect the criteria of greatest offer, and subsequently, first bidder.
GVces Av. 9 de Julho, 2029 11º andar - 01313-902 - São Paulo - SP | 55-11-3799-3342 | ces@fgv.br | www.fgv.br/ces
Engagement and Preparation of Leadership: most business leaders still do not recognise the
importance and relationship between carbon pricing and business strategy. Thus, at the
beginning of each cycle the EPC ETS team prepare talks and engagement material with
various companies. In this sense, the main lesson pertains to linking carbon pricing with the
company’s competitiveness.
Emission and production data: the lack of records of emissions and production was one of
the main challenges in designing the EPC ETS. This data is essential for the design of an
efficient emissions trading system. Thus, the EPC ETS built an information base including
emission and production data starting from the year 2013. In this regard, work was done
with the companies to stress the importance of inventorying disaggregated and accurate
emission and production data for better emission management.
Penalties: in 2015, after a simulated application of penalties, it was found that some
companies might be left without sufficient resources (Ec$ and/or allowances) to continue
operating on the market. Thus, penalties were reviewed and made more lenient, with the
challenge of establishing penalties to effectively discourage non-compliance without
derailing economic activities.
Futures Market: In real markets, most allowances are traded in the form of futures
contracts, and as such it was considered important for the area of company sustainability
to approach this type of market. In addition, the futures market was also understood as an
opportunity to engage the financial area in the subject. In this regard, the EPC ETS team
organised meetings at the beginning of the 2016 cycle to introduce the initiative to the
financial areas of the interested companies.
Ambition and Participation: more important than specific decisions is the search for a
system with a robust result in emission reduction. The participation of companies is
essential, mainly to help with the adjustments and improvements of the system, as well as
making available the information required for assertive decision-making on behalf of the
management body of the system. The preparation of reports and debates on results are key
factors in stimulating the participation of companies in terms of enhancing practical and
theoretical knowledge, as well as enriching the process of improving rules and parameters.
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