Estado do Mercado de Dívida Sustentável no Brasil

The report provides a comprehensive overview of Brazil's sustainable debt market (VSS+) as of June 30, 2025, highlighting the dominance of green bonds and the role of non-financial corporations. It details the regulatory landscape, including the development of the Brazilian Sustainable Taxonomy (TSB), and identifies strategic investment opportunities across sectors such as agriculture, energy, and sanitation.

• As of June 30, 2025, Brazil's cumulative VSS+ volume reached USD 67.8 billion, with 73% (USD 49.3 billion) aligned with Climate Bonds methodologies. Brazil represents 19% of the total cumulative volume in Latin America and the Caribbean (LAC), ranking third behind Chile and Mexico.
• Green bonds are the leading thematic label in Brazil, accounting for 61% of the cumulative aligned volume at USD 30 billion. Non-financial corporations are the primary drivers, representing 82% of this aligned volume.
• The Brazilian government has entered the sovereign sustainable debt market through the 'Brazilian Framework for Sovereign Sustainable Bonds,' issuing two bonds in 2023 and 2024 totaling USD 4 billion.
• Sustainability-linked bonds (SLBs) in Brazil show a low alignment rate, with only 10% of the volume aligned. The primary reason for non-alignment is the absence of greenhouse gas (GHG) emission targets in the key performance indicators (KPIs).
• The Brazilian Sustainable Taxonomy (TSB), led by the Ministry of Finance and expected for publication in the second half of 2025, will define environmental, climate, and socioeconomic objectives to guide sustainable investments.
• The social bond market in Brazil saw a significant increase in the first half of 2025, driven by an inaugural USD 700 million issuance by Caixa Econômica Federal, the largest aligned social issuance by a Brazilian entity.
• Brazil's sustainable debt market shows a preference for local currency, with the BRL representing 51% of the total aligned VSS+ market (USD 24.9 billion).
• Investment needs for Brazil to reach its national transition goals by 2030 are estimated at approximately USD 200 billion.
• The sanitation sector presents a massive investment gap, requiring at least USD 35.4 billion in additional investments by 2033 to achieve universalization goals.

APA

Mataram, L. G., Isaza, D., Barrenechea, A., de Araújo, B. C., Sharma, D., de Carvalho, B. M. S., Tanwar, S., Ferrari, B., & Santana, C. (2025). Estado do Mercado de Dívida Sustentável no Brasil. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Brazil_Sustainable_Debt_H1_2025_PT_01B.pdf

Chicago

Mataram, Leonardo Gava, Diana Isaza, Andrea Barrenechea, Bruno Coloma de Araújo, Deepak Sharma, Bruno Magno Simões de Carvalho, Sumedha Tanwar, Beatriz Ferrari, and Carina Santana. Estado do Mercado de Dívida Sustentável no Brasil. Climate Bonds Initiative, 2025. https://www.climatebonds.net/files/documents/publications/Brazil_Sustainable_Debt_H1_2025_PT_01B.pdf.

Wikipedia

{{cite report |last1=Mataram |first1=Leonardo Gava |last2=Isaza |first2=Diana |last3=Barrenechea |first3=Andrea |last4=de Araújo |first4=Bruno Coloma |last5=Sharma |first5=Deepak |last6=de Carvalho |first6=Bruno Magno Simões |last7=Tanwar |first7=Sumedha |last8=Ferrari |first8=Beatriz |last9=Santana |first9=Carina |title=Estado do Mercado de Dívida Sustentável no Brasil |publisher=Climate Bonds Initiative |date=October 2025 |url=https://www.climatebonds.net/files/documents/publications/Brazil_Sustainable_Debt_H1_2025_PT_01B.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{mataram2025estado, author = {Mataram, Leonardo Gava and Isaza, Diana and Barrenechea, Andrea and de Araújo, Bruno Coloma and Sharma, Deepak and de Carvalho, Bruno Magno Simões and Tanwar, Sumedha and Ferrari, Beatriz and Santana, Carina}, title = {{Estado do Mercado de Dívida Sustentável no Brasil}}, institution = {Climate Bonds Initiative}, year = {2025}, month = oct, url = {https://www.climatebonds.net/files/documents/publications/Brazil_Sustainable_Debt_H1_2025_PT_01B.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }