Meg Ferreira

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Brazil - Brasilia - Congress

On September 15, 2021, the Central Bank of Brazil (BCB) released its first “Report on Social, Environmental and Climate-related Risks and Opportunities”. Based on the recommendations by the World Economic Forum (WEF), the Task Force on Climate-related Financial Disclosure (TCFD), and the Network for Greening the Financial System (NGFS), the publication highlights the potential impacts of social, environmental, and climate-related issues on Brazil’s economy and financial stability, and details the initiatives aimed at assessing, disclosing and managing ESG risks and opportunities within the BCB structure and in the financial system.
Continue Reading Brazil’s Central Bank and National Monetary Council Publish New Rules on Disclosure and Management of Social, Environmental and Climate-related Risks

Brazil - Fortaleza

Following a long-waited ratification (on March 4, 2021), Brazil became a party to the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization (“Nagoya Protocol” or “Protocol”) on  June 2, 2021. This is an opportunity to dig into some practical consequences of the ratification. One of these consequences relates to offering a possible remedy to clarify one of the pending issues related to the material scope of Law 13123 of May 20, 2015 (the “Brazilian Biodiversity Law” or “Law”).
Continue Reading Biodiversity – Brazil: Does the Nagoya Protocol Set Limits to the Scope of Domestic Legislation?

Brazil - Brasilia

On April 26, 2021, the Central Bank of Brazil (BCB) launched a new public consultation (No. 86/2021, the “Consultation”) on a proposed regulation for mandatory disclosure of social, environmental, and climate risks by financial institutions.

Climate-related risks must be disclosed in accordance with the TCFD Recommendations (“Recommendations”), including both…

Brazil - Rio de Janeiro

Following in the footsteps of other central banks around the world, and in face of the pressing need for an inclusive and sustainable economic recovery after the COVID-19 pandemic, on April 7, 2021, the Central Bank of Brazil (BCB) launched public consultation No. 85/2021 (Consultation). The Consultation includes proposed amendments and new rules governing the management of social, environmental and climate risks by financial institutions (and other institutions with operations authorized by the BCB), as well as the requirements to be observed by these institutions in the elaboration and implementation of their respective Social, Environmental and Climate Responsibility Policy (PRSAC).

The BCB joined the Network for Greening the Financial System (NGFS) on March 25, 2020, and, on September 8, 2020, launched the “Sustainability Dimension” of its work agenda (Agenda BC#), which aims to promote sustainable finance, proper management of social, environmental and climate risks in the National Financial System (SFN), and integration of ESG variables into BCB’s decision-making process.Continue Reading Brazil’s Central Bank Set to Incorporate Social, Environmental and Climate Factors into Financial Regulation

Brazil - Brasilia - Congress

On March 4, 2021, Brazil ratified the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization (“Nagoya Protocol” or “Protocol”). Starting on June, 2, 2021, the country becomes a party to the Protocol and will be able to actively take part in discussions and decision-making, including by participating in the next Conference of the Parties serving as the meeting of the Parties to the Nagoya Protocol (COP-MOP 4) scheduled for October 2021.

Brazil is the most biodiverse country in the world, and the ratification comes 10 years after the signing of the Protocol on February 2, 2011. In the meantime, the country passed its own regulations on biodiversity, notably Law 13,123 of May 20, 2015 (Brazilian Biodiversity Law), which provides for access to genetic resources and traditional knowledge, as well as benefit-sharing mechanisms. The Brazilian Biodiversity Law is the national legislation for implementing the Nagoya Protocol and one of the key access and benefit-sharing (ABS) legislations, which places benefit-sharing obligations on manufacturers of finished products developed from Brazilian genetic resources (regardless of who previously accessed the resources).Continue Reading Brazil Ratifies the Nagoya Protocol: One Step Further to Unlock the Potential of Brazilian Biodiversity

Brazil - Rio de Janeiro

On December 7, 2020, the Brazilian Securities and Exchange Commission (CVM) launched a consultation on proposed amendments to Normative Ruling 480/2009 aimed at, inter alia, increasing transparency by improving the quality of information disclosed by publicly-held companies on ESG aspects.

Following the global trend of enhancing and simplifying disclosures—similar to what the US Securities Exchange Commission (SEC) has recently done with Regulation S-K—CVM’s main goal is to reduce compliance costs while also responding to investors’ increasing demand for better ESG data. In this Blog Post, we highlight the main ESG-related amendments proposed by CVM in this new consultation paper.Continue Reading Brazilian Securities and Exchange Commission Set to Strengthen ESG Reporting Requirements

Environmental

Drawing on international experience such as the Renewable Fuel Standard, California’s Low Carbon Fuel Standard and the EU Renewable Energy Directive, the Brazilian Biofuels Policy (RenovaBio) was established in 2017 by Law No. 13,576/2017. It is designed to support Brazil’s commitments under the Paris Agreement, promote further expansion of the production and use of biofuels in the national energy matrix and improve the energy efficiency of biofuels.

In this Blog Post, we discuss key elements of RenovaBio, as well as early results of the policy’s implementation and other developments in the Brazilian carbon markets more broadly.Continue Reading The Resurgence of Carbon Markets in Brazil: Championing Main Country Strengths – Biofuels and Forest Resources

Social

Discussions on mandatory human rights due diligence have been gaining increased attention over the past months, particularly in the European Union. Such a trend, however, has yet to reach Latin American countries, including Brazil. In spite of that, Brazil and Brazilian institutions and enterprises have adhered to a variety of global frameworks, standards and initiatives…