PORTUGAL Law and Practice Contributed by: Manuel Protásio and Catarina Coimbra, VdA
Participation in the EU Emissions Trading Sys - tem (ETS) requires emissions management and reporting. Environmental Impact Assessments (EIA) mandate rigorous evaluations, promoting sustainable practices and fostering transparent community engagement. Strategically, mining companies are aligning with national climate adaptation plans, supporting broader climate goals and driving innovation in sustainable tech - nologies. 3.2 Climate Change Legislation and Proposals Related to Mining In Portugal, while there are comprehensive cli - mate change and environmental regulations that impact the mining sector, there is no specific cli - mate change legislation that exclusively targets the mining industry. 3.3 Sustainable Development Initiatives Related to Mining As an EU member state, Portugal actively fol - lows EU initiatives on sustainable development. However, the country also has its own distinctive sustainable development measures, primarily driven by the Climate Framework Law, approved by Law No 98/2021 of 31 December. This framework aims for climate neutrality by 2050, potentially advancing to 2045, and intro - duces the right to a balanced climate, which could lead to climate litigation. Key initiatives under this law include the IRS Verde tax deduction for sustainable goods and services, the Climate Action Portal for citizen engagement and transparency, and the estab - lishment of a carbon budget. Additionally, a new Council for Climate Action will independently analyse and discuss climate policies.
Portugal also created a voluntary carbon credits market that includes projects for both carbon sequestration and emissions reduction, exceed - ing a similar EU proposal. Furthermore, there is increasing interest in car - bon sequestration projects, particularly those involving marine ecosystems, capitalising on Portugal’s geographic advantages. These initiatives reflect Portugal’s comprehen - sive and proactive approach to sustainable development, encompassing legislative action, market mechanisms, fiscal incentives, and cor - porate governance reforms. 3.4 Energy-Transition Minerals As an EU member, Portugal adheres to the European legislation and participates in initia - tives that promote the responsible exploration, development, and use of critical raw materials. The EU’s Critical Raw Materials Act aims to ensure a secure and sustainable supply of ener - gy-transition minerals. This legislation outlines measures to enhance the sourcing, recycling, and production of critical raw materials within the EU, to reduce dependency on external sup - pliers, and to encourage sustainable mining practices. As a European Regulation, the Critical Raw Materials Act has general application, is bind - ing in its entirety, and is directly applicable to its member states, including Portugal.
425 CHAMBERS.COM
Powered by FlippingBook