State Government of Rio de Janeiro regulates the conversion of environmental fines into green investments
On March 19, 2018, State Government of Rio de Janeiro published Decree No. 46,268 regulating the legal system for conversion of environmental fines into green investments, according to State Law No. 3.467/2000. According to the Decree, whoever is interest to apply for the conversion of environmental fines, shall choose the: (i) direct conversion, by assuming the responsibility to execute, by their own means, the environmental investments subject to the conversion of fine; (ii). indirect conversion, by sponsoring one of the State Environment Institute’s (INEA) pre-selects projects. Depending on which type of conversion is selected, the interested party is entitled to a discount over the consolidated value of the fine.
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