Brazilian bourse's app to track illegal timber trade

BVRio, Brazil's environmental assets exchange engaged in trading of carbon and forest credits, has launched an app for facilitating foreign traders and buyers in avoiding illegal logging.

The Brazilian government is taking measures to curtail the illegal logging as it accounts for half of the country's timber trade. The exchange plans to launch a platform for timber in 2016.

The newly-launched app will enable traders and buyers to scan a legal code, which is required on every timber lot. Brazilian government allocates a code for every timber lot that moves out of the country.

Using the app, buyers can scan this code avoiding illegal logging activity. The UK-based independent policy institute Chatham House has estimated that over half of the timber trade in Brazil is illegal logging.

In Reuters, BVRio said these apps will be particularly useful to buyers operating in Europe and the United States, where they have to ensure compliance with the EU Timber Regulation and the US Lacey Act.

Given the high risk of timber illegality in Brazil, the use of these apps assists buyers in estimating their risks and avoiding exposure to illegal timber trade", BVRio further said in a statement.

BVRio is planning roll out a platform for timber in 2016. The new app is available in different versions supporting for desktop, Android and iOS formats.

This app can be downloaded from Google Play and Apple Store for free of cost.

The new app system helps in crosschecking the data and information provided by institutions in Brazil. Using satellite imagery, this also reveals if any inconsistencies in timber buying and deforestation due to illegal logging.

Brazil is rich in forest coverage as half of the country is covered with forests. the Brazilian government is concerned over deforestation in the Amazon region caused by illegal logging. It's estimated that 5,000 square kilometers of rainforest ruined every year.

According to reports by Washington Post, the deforestation is becoming a major problem in Brazil. Local residents in Amazon region, which occupies one-fifth in Brazil forests, have started protecting forest coverage.

As a result, indigenous groups have been formed to protect forests. These armed groups are called Guardians have been taking radical action against illegal loggers. Subsequently, illegal logging has significantly dropped in the Amazon region.

There's increased concerns and awareness about deforestation globally.

An international summit on climate is scheduled for next week in Paris. The main issue at the summit will be deforestation. According to reports by Washington Post, residents are supporting militants.