Brazil does not have a national law that specifically addresses the legal nature and ownership of carbon credits or rights to greenhouse gas (GHG) emission reductions and/or removals. It is however expected that the implementation of the Brazilian climate change policy, which promotes the development of an organized Brazilian carbon market overseen by the Brazilian Securities and Exchange Commission, will lead to an eventual clarification of the precise nature and ownership of tradable carbon rights. Some legislation at state-level already refers to rights derived from measures that reduce or remove GHG emissions, but stops short of clearly stating how these rights to emission reductions are to be treated outside the governmental programs they create. For instance the Amazonas State Climate Change Policy establishes the general legal framework for promoting carbon offset projects and payments for ecosystem services within land owned by the State, and assign the rights to exploit environmental products and services (implicitly including carbon rights) to a public private institution created for this purpose. REDD specific regulations are being designed in several states in Brazil. There is increasing support for promoting a regulatory system that acknowledges and rewards REDD actions not only at the national, but also at the sub national and jurisdictional levels.