Landscape of Climate Finance in Brazil 2023

Climate finance in Brazil more than doubled between 2019 and 2023, reaching US$ 67.8 billion. The growth was primarily driven by solar energy and AFOLU (Agriculture, Forestry, and Other Land Use), with domestic sources accounting for 90% of total finance. While mitigation dominates the objective mix, finance for loss and damage saw an exponential increase in 2024, largely due to disaster relief following flooding in Rio Grande do Sul.

• Total climate finance in Brazil experienced significant growth from 2019 to 2023, increasing from US$ 26.4 billion to US$ 67.8 billion.
• The growth in total climate finance between 2020/21 and 2022/23 was primarily driven by the energy systems and AFOLU sectors. Solar energy investments rose from US$ 9.5 billion to US$ 22.4 billion, while AFOLU finance nearly doubled from US$ 14.9 billion to US$ 28 billion.
• Domestic public and private actors provided 90% of Brazil's tracked climate finance in 2021/22, a ratio similar to other BRICS nations like India (87%) and South Africa (91%).
• Private climate finance was more than twice as large as public finance in 2022/23, totaling US$ 45.1 billion compared to US$ 19.3 billion. Commercial financial institutions provided over half of the private finance (US$ 23.5 billion), largely through climate-aligned rural credit (US$ 19 billion).
• BNDES and the federal government were the primary public sources of climate finance in 2022/23, together providing US$ 13.8 billion. BNDES led with US$ 7.2 billion, mainly via low-cost debt, while the federal government provided US$ 6.6 billion.
• Mitigation was the dominant climate objective in 2022/23, accounting for 79% (US$ 50.9 billion) of total finance. Dual benefits (adaptation and mitigation) accounted for 11%, while adaptation alone was minimal at 7%.
• Finance for loss and damage (L&D) grew exponentially, from US$ 0.2 billion in 2019 to US$ 2.2 billion in 2023. In 2024, L&D finance surged to US$ 8.1 billion, primarily for disaster relief following catastrophic flooding in Rio Grande do Sul.
• Forest finance saw a sharp decline, falling approximately six times from US$ 1.5 billion in 2019 to US$ 254 million in 2023. For native forests in 2022/23, international public actors provided 65% of the funding.

APA

Chiavari, J., Stout, S., Fernandes, P. D. A., Correa, M. G., Minsky, E., & de Niemeyer, J. (2025). Landscape of Climate Finance in Brazil 2023. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2025/11/Landscape-of-Climate-Finance-in-Brazil_2023.pdf

Chicago

Chiavari, Joana, Sean Stout, Pedro de Aragão Fernandes, Maria Gabrielle Correa, Eduardo Minsky, and Julia de Niemeyer. Landscape of Climate Finance in Brazil 2023. Climate Policy Initiative, 2025. https://www.climatepolicyinitiative.org/wp-content/uploads/2025/11/Landscape-of-Climate-Finance-in-Brazil_2023.pdf.

Wikipedia

{{cite report |last1=Chiavari |first1=Joana |last2=Stout |first2=Sean |last3=Fernandes |first3=Pedro de Aragão |last4=Correa |first4=Maria Gabrielle |last5=Minsky |first5=Eduardo |last6=de Niemeyer |first6=Julia |title=Landscape of Climate Finance in Brazil 2023 |publisher=Climate Policy Initiative |date=2025 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2025/11/Landscape-of-Climate-Finance-in-Brazil_2023.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{chiavari2025landscape, author = {Chiavari, Joana and Stout, Sean and Fernandes, Pedro de Aragão and Correa, Maria Gabrielle and Minsky, Eduardo and de Niemeyer, Julia}, title = {{Landscape of Climate Finance in Brazil 2023}}, institution = {Climate Policy Initiative}, year = {2025}, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2025/11/Landscape-of-Climate-Finance-in-Brazil_2023.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }