O mercado do carbono e as licenças de emissão como instrumentos financeiros

Abstract

The present dissertation, conducted within the framework of the Master's Degree in Law and Business Administration, aims to present the concept of emission allowances, analyzing their equivalence to financial instruments/securities as outlined in article 1.º, n.º 1 g) of the securities code and the corresponding European regulations, as well as an analysis of their legal framework, and a perspective on this concept in the coming years. Therefore, this dissertation begins with a general overview of this concept, covering its presentation, relevance, and historical evolution. The second chapter will address doctrinal issues related to the terms financial instruments and securities, as well as the categorization of emission allowances as financial instruments, under national law and both European and comparative law. The third chapter will consist of a brief analysis of the legal framework of the allowances, with a special focus on the allocation and transfer regime. The fourth and final chapter aims to present the most recent changes in the field of emission allowances, notably those introduced by the "Fit for 55" program, which will involve new targets, the introduction of new sectors, and, most importantly, the creation of the Carbon Border Adjustment Mechanism (CBAM).

Date of Award	10 Sept 2024
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Daniela Baptista (Supervisor)