Securitização sustentável no Brasil

The report analyzes the Brazilian sustainable securitization market, highlighting the dominance of green labels and the potential for asset-backed securities (ABS) to fund small-scale sustainable projects in agriculture and energy.

• 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 leads the LAC region in sustainability-linked and transition instruments, holding a 60.7% market share.
• Green labels dominate the Brazilian sustainable securitization market, accounting for 70% of the volume (USD 868 million), with Agribusiness Receivables Certificates (CRAs) representing 91% of that green ABS volume.
• Sustainability-linked instruments represent the largest share of Brazil's thematic operations as of Q3 2022, with a volume of USD 16.5 billion across bonds and loans.
• The Brazilian sustainable ABS market is characterized by shorter terms, with 58% of green ABS volume having maturities between five and ten years.
• Ecoagro is the primary green securitization vehicle in Brazil, holding a 67% market share and issuing ten green CRAs for bioenergy, agriculture, and forests.
• Securitization offers five main benefits for issuers: access to debt capital markets, lower cost of capital, increased market competitiveness, scalability of the local VSS+ debt market, and the ability to leverage the lending capacity of financial entities.
• The 2022 Legal Framework for Securitization (Law No. 14,430/22) and CVM Resolution No. 60 expanded the range of securitized assets beyond the real estate and agribusiness sectors, specifically through the introduction of Receivables Certificates (CRs).
• Approximately 8% of the Brazilian financial system's credit portfolio is exposed to transition risks, with 70% of this exposure coming from cattle ranching, freight transport, and steelmaking.

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} }