Brazil is poised to convert its newly enacted carbon market statute into a fully functioning national emissions trading system. Law 15.042/2024 establishes the Brazilian Emissions Trading System (Sistema Brasileiro de Comércio de Emissões – SBCE); an early, more ambitious second NDC and Brazil’s forthcoming COP30 presidency underscore political momentum. Applying Climate Transparency’s Policy Implementation Check, this paper evaluates four implementation pillars – legal status, oversight, institutions and governance, and resourcing – and sets out a path to full market launch.