Como Deter o Desmatamento por Meio de Financiamento: Mapeamento Regulatório do Banco Central do Brasil

This report by the Climate Policy Initiative (CPI) analyzes the regulatory framework of the Central Bank of Brazil (BCB) aimed at combating deforestation and ecosystem conversion. It details the BCB's transition toward sustainable finance through the 'Agenda BC#', specifically focusing on the integration of social, environmental, and climate risks into the National Financial System (SFN) and the implementation of strict environmental requirements for rural credit.

• The Central Bank of Brazil (BCB) has integrated sustainability into its institutional framework via the 'Agenda BC#', launched in 2020. This initiative treats climate change and nature loss not only as environmental issues but as risks to financial stability, leading the BCB to join the Network for Greening the Financial System (NGFS) and support the Task Force on Climate-related Financial Disclosures (TCFD).
• The BCB and the National Monetary Council (CMN) have established a regulatory framework requiring financial institutions to manage social, environmental, and climate risks. This includes the mandatory implementation of a Social, Environmental, and Climate Responsibility Policy (PRSAC), which replaces the previous PRSA and explicitly addresses climate concerns and the transition to a low-carbon economy.
• Financial institutions in Brazil are now required to disclose their social, environmental, and climate risks and opportunities through the GRSAC Report (Relatório de Riscos e Oportunidades Sociais, Ambientais e Climáticos). This disclosure process is being implemented in two phases: a qualitative phase completed in 2021 and a quantitative phase currently underway, which has been aligned with International Sustainability Standards Board (ISSB) standards.
• The BCB has implemented strict 'impediments' to rural credit to discourage illegal deforestation. Under Resolution BCB nº 140/2021 and Resolution CMN nº 5.081/2023, credit is prohibited for properties with cancelled or suspended Rural Environmental Registry (CAR) inscriptions, those located in conservation units, indigenous lands, or quilombola communities, and those with Ibama embargos due to illegal deforestation in any biome.
• To operationalize these restrictions, the BCB created the Rural Credit Bureau (Bureau de Crédito Rural) by transforming the Rural Credit and Proagro Operations System (Sicor). This system allows for real-time verification of environmental and social compliance by integrating databases from agencies such as Ibama, Funai, Incra, and the Brazilian Forest Service (SFB).
• The BCB provides financial incentives for sustainable agriculture, such as the RenovAgro program (formerly Programa ABC), which offers subsidized interest rates for low-carbon practices. Additionally, producers with validated CAR inscriptions that comply with the Forest Code are eligible for increased credit limits and interest rate discounts on operating loans.
• The report highlights that approximately 95% of deforestation in the Amazon and conversion in the Cerrado (including the Matopiba region) is illegal. The Amazon has lost about 20% of its original extent, while the Cerrado has lost over 50% of its primary native vegetation.
• The BCB uses climate stress tests and macroeconomic models to assess financial stability. In 2022 and 2023, the bank conducted exercises evaluating the sensitivity of credit portfolios to extreme droughts and intense rainfall, respectively.

APA

Stussi, M., Souza, P., & Contreras, M. F. (2024). Como Deter o Desmatamento por Meio de Financiamento: Mapeamento Regulatório do Banco Central do Brasil. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2024/07/Mapeamento-Regulatorio-BCB.pdf

Chicago

Stussi, Mariana, Priscila Souza, and Maria Fernanda Contreras. Como Deter o Desmatamento por Meio de Financiamento: Mapeamento Regulatório do Banco Central do Brasil. Climate Policy Initiative, 2024. https://www.climatepolicyinitiative.org/wp-content/uploads/2024/07/Mapeamento-Regulatorio-BCB.pdf.

Wikipedia

{{cite report |last1=Stussi |first1=Mariana |last2=Souza |first2=Priscila |last3=Contreras |first3=Maria Fernanda |title=Como Deter o Desmatamento por Meio de Financiamento: Mapeamento Regulatório do Banco Central do Brasil |publisher=Climate Policy Initiative |date=July 2024 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2024/07/Mapeamento-Regulatorio-BCB.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{stussi2024como, author = {Stussi, Mariana and Souza, Priscila and Contreras, Maria Fernanda}, title = {{Como Deter o Desmatamento por Meio de Financiamento: Mapeamento Regulatório do Banco Central do Brasil}}, institution = {Climate Policy Initiative}, year = {2024}, month = jul, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2024/07/Mapeamento-Regulatorio-BCB.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }