PORTUGAL Trends and Developments Contributed by: Assunção Cristas, Catarina Pinto Correia and Carolina Vaza, VdA
• the granting and cancellation of credits is under - taken; • project monitoring initial reports are submitted and periodically verified by independent verifiers; and • eventually, proposals for carbon methodologies may be submitted and managed through the plat - form. It should be noted that the first methodology, relating to new afforestation, has been approved, and two oth - ers (forestry management and natural reforestation) are under preparation. The first projects have been registered in the public platform, and it is expected that the soon the first credits will be issued and reg - istered. Understanding the regulatory framework holistically In order to fully grasp the practical application of the regulatory framework of the Voluntary Carbon Market, a careful and holistic reading of the different Ordinanc - es and of the Framework itself must be undertaken. There are still questions regarding certain topics, such as the transaction of carbon credits. Considering that Ordinance No 241/2024 defines “transaction” of cred - its in different terms to those in the Framework for the Voluntary Carbon Market, a question remains as to how the term is to be interpreted. Under the terms of the Framework for the Voluntary Carbon Market, a “credit transaction between mar - ket agents must be registered on the platform and always occurs when a change of ownership is veri - fied”. Conversely, under the terms of the Ordinance No 241/2024, a “credit transaction” is defined as a “process on the platform that involves a carbon credit transfer between accounts”, and it is presumed that these accounts have been opened on the platform. From here we could question whether carbon credits can or must be transacted on the platform. Despite the wording of the Ordinance being very clear, it seems that there is a reference to the possibility of connecting to external marketplaces to support these transactions, and that the platform may merely reg - ister transactions – whether they take place on the platform or not.
In the framework of a monitoring, reporting and veri - fication system, the role of the independent project verifier is a cornerstone for the validation of projects and their results for the generation of carbon cred - its. The Framework for the Voluntary Carbon Market demands that an independent project verifier be “duly qualified”, by measure of criteria which are now laid out in Ordinance No 240/2024. The qualification of an independent project verifier requires: • higher education in their field of practice; • relevant professional experience; • professional training in auditing; • approval in an exam performed by a qualification management body; and • being an effective member of the respective pro - fessional public association, when applicable. The qualification management body is Agência para a Energia (ADENE), Portuguese Energy Agency, which, according to the Ordinance, is responsible for over - seeing the procedure for individuals seeking qualifi - cation as independent project verifiers. This includes organising the mandatory exam and issuing the cor - responding approval certificate. This requirement, while it may restrict access to the profession, requires close scrutiny in light of the principle of proportionality, especially with respect to the Framework for access - ing and exercising professions. The lack of specific provisions allowing other qualified professionals who have obtained their qualifications in another EU mem - ber states to carry out this activity also necessitates a careful analysis of the applicable legislation. Regulation (EU) 2024/3012: the new European regulation on the voluntary carbon market Regulation (EU) 2024/3012 of the European Parliament and of the Council of 27 November 2024 entered into force on 26 December 2024. The Regulation estab - lishes an EU certification framework for permanent carbon removals, carbon farming and carbon storage in products. The aim of the Regulation is to establish rules in the EU for carbon credit certification schemes to make sure that they: • issue carbon credits that reflect actual and verifi - able removals or reductions in soil emissions;
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