Securitização sustentável no Brasil

This report by the Climate Bonds Initiative analyzes the sustainable securitization market in Brazil as of the third quarter of 2022. It examines the regulatory framework for asset-backed securities (ABS), the growth of themed debt instruments (Green, Social, Sustainability, and Sustainability-linked), and the specific potential for these tools to finance small-scale sustainable projects in agriculture, bioenergy, and infrastructure.

• By the end of the third quarter of 2022, Brazil's cumulative labeled debt reached USD 32.6 billion, representing 22.7% of the Latin America and Caribbean (LAC) market. Brazil is the second largest source of VSS+ (Green, Social, Sustainability, and Sustainability-linked) debt in the region, trailing Chile, but leads the LAC market in transition and sustainability-linked instruments with a 60.7% share.
• Green labels dominate the Brazilian sustainable securitization market, accounting for 70% of the volume at USD 868 million. Within this segment, Certificates of Agribusiness Receivables (CRAs) are the most prevalent, representing 91% of the volume and primarily financing bioenergy, agriculture, and forests.
• Sustainability-linked instruments represented the largest share of themed operations in Brazil in Q3 2022, totaling USD 16.5 billion (50.6% of operations). This market saw explosive growth in 2021, increasing from USD 1.8 billion to USD 10.4 billion, though it slowed to USD 4.2 billion in the first three quarters of 2022.
• Brazil is the only country in the LAC region to originate transition bonds. Between 2019 and 2020, three non-financial corporate transition bonds were issued, representing 2% of the Brazilian VSS+ market, including a USD 500 million bond by Marfrig for sustainable livestock.
• Securitization offers five primary benefits for issuers: access to debt capital markets as an alternative to banks, lower capital costs by reducing intermediaries and tax burdens, improved market competitiveness by freeing up balance sheets, scalability of the local VSS+ debt market to attract international capital, and the ability for financial entities to recycle loan portfolios.
• The Brazilian legal framework for securitization was significantly updated in 2022 with Law No. 14,430/22 (the Securitization Legal Framework) and CVM Resolution No. 60. These updates expanded the range of securitized assets beyond real estate and agribusiness, specifically promoting the use of Certificates of Receivables (CRs) for sectors like sanitation, infrastructure, and education.
• The agribusiness sector, which accounts for 27.5% of Brazil's GDP, relies heavily on public credit (Plano Safra), but CRAs provide a vital alternative. While 90% of agribusiness structured debt consists of 'corporate' CRAs, there is significant untapped potential in 'pulverized' CRAs to provide scale for small producers, who make up 77% of the sector.
• External reviews are standard for ABS operations in Brazil, with Second Party Opinions (SPOs) being the most common. NINT was responsible for 83% of the volume of SPOs, while Sustainalytics performed 59% of the verifications under the Climate Bonds Certification Program.
• The report identifies three key recommendations to leverage sustainable securitization: amplifying the role of securitization through government-led data centralization (such as the 2022 'Monitor de Investimentos' platform), identifying sustainable loan portfolios in sectors like urban mobility and waste management, and accelerating support policies such as green procurement and blended finance.

APA

Ambrosano, J., & Borges, S. (2023). Securitização sustentável no Brasil. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/bc234513-4cc2-4f87-a28d-e5a2f59f2ea4.pdf

Chicago

Ambrosano, Julia, and Sofia Borges. Securitização sustentável no Brasil. Climate Bonds Initiative, 2023. https://www.climatebonds.net/files/documents/publications/bc234513-4cc2-4f87-a28d-e5a2f59f2ea4.pdf.

Wikipedia

{{cite report |last1=Ambrosano |first1=Julia |last2=Borges |first2=Sofia |title=Securitização sustentável no Brasil |publisher=Climate Bonds Initiative |date=March 2023 |url=https://www.climatebonds.net/files/documents/publications/bc234513-4cc2-4f87-a28d-e5a2f59f2ea4.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{ambrosano2023securitizao, author = {Ambrosano, Julia and Borges, Sofia}, title = {{Securitização sustentável no Brasil}}, institution = {Climate Bonds Initiative}, year = {2023}, month = mar, url = {https://www.climatebonds.net/files/documents/publications/bc234513-4cc2-4f87-a28d-e5a2f59f2ea4.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }