Modelagem Financeira de Gestao Consorciada: Oportunidade para o Brasil Financiar Infraestructura Subnacional Sustentável

The document argues that Brazilian municipalities, particularly small and medium-sized ones, face significant credit and technical barriers to financing infrastructure. It proposes the use of Pooled Financial Management Mechanisms (MFGCs) to aggregate demand and reduce risk, drawing on international examples from France, the Nordic countries, Mexico, India, and the Philippines. The brief identifies regulatory hurdles in Brazil, such as the Fiscal Responsibility Law, and recommends updating the legal framework to allow subnational consortia more autonomy in raising funds and improving governance to attract green and sustainable capital.

• Small municipalities are particularly vulnerable, with 68.2% of Brazilian cities falling into this category, often lacking the technical capacity to structure infrastructure projects and facing revenue instability.
• There is a significant investment opportunity in Brazil, estimated at USD 1.3 trillion for green investments across sectors such as transport, water resource management, solid waste, buildings, and energy efficiency.
• Pooled Financial Management Mechanisms (MFGCs) can help subnational consortia overcome credit limitations by aggregating projects to generate volume, reduce costs, and improve risk management for capital market investors.
• International models of MFGCs include 'Club deals' and aggregation platforms like France's Agence France Locale (AFL), Nordic Local Government Financing Agencies (AFGLs) which frequently issue green bonds, and the use of Special Purpose Vehicles (SPEs) in Mexico.
• The current Brazilian legal framework for public consortia (Lei 11.107/2005) is restrictive regarding autonomous fundraising, as credit operations remain subject to Senate limits and the Fiscal Responsibility Law.
• To unlock sustainable infrastructure, the document recommends updating Lei 11.107/2005 to clarify autonomous fundraising options, flexing the Fiscal Responsibility Law, and establishing clearer governance rules for consortia.

APA

Ambrosano, J., Souza, L., Brakarz, B., & Callau, V. (2021). Modelagem Financeira de Gestao Consorciada: Oportunidade para o Brasil Financiar Infraestructura Subnacional Sustentável. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Modelagem-financeira-de-gestao-consorciada-Oportunidade-para-o-Brasil-financiar-infraestrutura-subnacional-sustentavel.pdf

Chicago

Ambrosano, Julia, Leisa Souza, Barbara Brakarz, and Vanessa Callau. Modelagem Financeira de Gestao Consorciada: Oportunidade para o Brasil Financiar Infraestructura Subnacional Sustentável. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/Modelagem-financeira-de-gestao-consorciada-Oportunidade-para-o-Brasil-financiar-infraestrutura-subnacional-sustentavel.pdf.

Wikipedia

{{cite report |last1=Ambrosano |first1=Julia |last2=Souza |first2=Leisa |last3=Brakarz |first3=Barbara |last4=Callau |first4=Vanessa |title=Modelagem Financeira de Gestao Consorciada: Oportunidade para o Brasil Financiar Infraestructura Subnacional Sustentável |publisher=Climate Bonds Initiative |date=February 2021 |url=https://www.climatebonds.net/files/documents/publications/Modelagem-financeira-de-gestao-consorciada-Oportunidade-para-o-Brasil-financiar-infraestrutura-subnacional-sustentavel.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{ambrosano2021modelagem, author = {Ambrosano, Julia and Souza, Leisa and Brakarz, Barbara and Callau, Vanessa}, title = {{Modelagem Financeira de Gestao Consorciada: Oportunidade para o Brasil Financiar Infraestructura Subnacional Sustentável}}, institution = {Climate Bonds Initiative}, year = {2021}, month = feb, url = {https://www.climatebonds.net/files/documents/publications/Modelagem-financeira-de-gestao-consorciada-Oportunidade-para-o-Brasil-financiar-infraestrutura-subnacional-sustentavel.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }