Crédito rural e sustentabilidade: avanços e retrocessos da Resolução CMN nº 5.193/2024

The briefing analyzes Resolution CMN nº 5.193/2024, noting advances such as banning rural credit for projects involving native vegetation suppression and illegal deforestation (post-July 2019). However, it highlights critical setbacks, including the expansion of credit to irregular occupations in public forests (up to 15 fiscal modules) and the lack of robust monitoring and sanctions for non-compliance. It also warns that these restrictions apply only to controlled/directed resources, leaving 'free resources' unregulated.

• Resolution CMN nº 5.193/2024 introduces a first-time ban on rural credit for projects involving the suppression of native vegetation, regardless of whether the deforestation is legal or illegal. However, this restriction only applies to operations using controlled or directed resources, excluding 'free resources' (recursos livres) which still benefit from tax incentives like zero IOF rates.
• Starting January 2, 2026, rural credit for controlled or directed resources will be blocked for properties with illegal deforestation occurring after July 31, 2019. This is based on data from the Prodes (Inpe) and the Rural Environmental Registry (CAR). Borrowers can contest official data using technical reports based on remote sensing, which the document warns could create loopholes for irregular properties.
• The resolution relaxes restrictions for properties with environmental embargos by allowing credit in three specific cases starting in 2025: public irrigation projects on partially embargoed collective lands (provided the funding is for unrelated areas/people), projects specifically for recovering native vegetation in embargoed areas, and a temporary window (until 2027) for borrowers proving they are in the process of regularization.
• There is a significant risk of encouraging land grabbing (grilagem) and deforestation in non-designated public forests. The resolution increased the area limit for credit eligibility from four to fifteen fiscal modules and removed the requirement for proof of land regularization from Incra, potentially legitimizing irregular occupations.
• The regulatory framework lacks effective monitoring and sanctions. While the resolution allows for the 'declassification' of a credit operation (leading to higher interest rates or loss of subsidies) if socio-environmental rules are broken, this does not ensure environmental repair or the return of funds. Furthermore, there are no sanctions for financial institutions that fail to enforce these restrictions.
• Proposed Bill (PL) nº 205/2025 seeks to transfer the definition of socio-environmental impediments for rural credit from the National Monetary Council (CMN) to legislation. The document argues this would reduce the CMN's autonomy and the Executive's ability to respond quickly to socio-environmental changes, representing a governance setback.

APA

Climate Policy Initiative (2025). Crédito rural e sustentabilidade: avanços e retrocessos da Resolução CMN nº 5.193/2024. https://www.climatepolicyinitiative.org/pt-br/publication/credito-rural-e-sustentabilidade-avancos-e-retrocessos-da-resolucao-cmn-no-5-193-2024/

Chicago

Climate Policy Initiative. Crédito rural e sustentabilidade: avanços e retrocessos da Resolução CMN nº 5.193/2024. 2025. https://www.climatepolicyinitiative.org/pt-br/publication/credito-rural-e-sustentabilidade-avancos-e-retrocessos-da-resolucao-cmn-no-5-193-2024/.

Wikipedia

{{cite report |author=Climate Policy Initiative |title=Crédito rural e sustentabilidade: avanços e retrocessos da Resolução CMN nº 5.193/2024 |date=16 June 2025 |url=https://www.climatepolicyinitiative.org/pt-br/publication/credito-rural-e-sustentabilidade-avancos-e-retrocessos-da-resolucao-cmn-no-5-193-2024/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatepolicyinitiative2025crdito, author = {{Climate Policy Initiative}}, title = {{Crédito rural e sustentabilidade: avanços e retrocessos da Resolução CMN nº 5.193/2024}}, institution = {Climate Policy Initiative}, year = {2025}, month = jun, url = {https://www.climatepolicyinitiative.org/pt-br/publication/credito-rural-e-sustentabilidade-avancos-e-retrocessos-da-resolucao-cmn-no-5-193-2024/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }