Sustainability is no longer just an ethical issue; it is now a decisive economic variable. In 2024, Portugal took a step in this direction by creating the national Voluntary Carbon Market through Decree-Law No. 4/2024, in force since 6 January 2024, and in October 2025 the national platform for the registration and trading of carbon credits was launched, making the system fully operational.
The Portuguese Voluntary Carbon Market (VCM) is distinct from the European Union Emissions Trading System (EU ETS). Whereas the EU ETS imposes emission caps and regulatory obligations on certain industrial and energy sectors, the Voluntary Carbon Market is based on the voluntary participation of companies, municipalities and organisations that wish to offset emissions or invest in mitigation projects.
In the European context, the EU Emissions Trading System (EU ETS) has already demonstrated the positive impact of carbon pricing: it promotes innovation, reduces emissions and rewards efficiency. In Portugal, it is estimated that 68.7% of emissions are already subject to an effective carbon price and that the average value per tonne of CO₂e is around €33, according to OECD data (2023).
This new market creates a dual incentive: environmental and financial. Companies that are able to measure and reduce emissions can now convert those reductions into certified carbon credits that can be sold or used for offsetting. Sectors such as forestry, regenerative agriculture, energy and mobility emerge as natural frontrunners. At the same time, the framework increases access to sustainable finance, as banks and investors incorporate carbon metrics into their credit decisions.
Decarbonisation therefore ceases to be merely a compliance cost and becomes an indicator of corporate performance, reflecting efficiency, innovation and resilience. Each tonne of CO₂ avoided represents lower energy costs, enhanced reputation and new business opportunities.
The carbon market is not a penalty; it is a new language of value. Those who act now will be at the forefront of the climate economy.
References:
- Decree-Law No. 4/2024 (Diário da República, 5 January 2024)
- OECD (2023). Carbon Pricing in Portugal
- Jornal Económico (Oct. 2025). Government launches national platform for the carbon market
- Cuatrecasas (2025). First methodology for the voluntary carbon market in Portugal
Daniela Escada
