Monetary Policy, Financial Regulation, and Supervision

Finalize GRSAC–ISSB/CBPS convergence and taxonomy tagging so climate data reliably feeds pricing, indices, and benchmarks used by private investors.

Build integrated MRV systems by consolidating fragmented data sources across agriculture, forestry, and rural finance, enabling scalable and verifiable application of taxonomy criteria. Strengthen institutional capacity among regulators and financial institutions to implement MRV aligned with CBPS (Socio-environmental Best Practice Guidelines) standards and integrate climate data into internal reporting. Ensure interoperability of Brazil’s taxonomy with international systems while incorporating national social and environmental priorities into criteria design and governance. Establish strong enforcement and disclosure linkages to prevent greenwashing and uphold the credibility of taxonomy-aligned sustainable finance.

Pilot climate-compatible collateral policies (e.g., disclosure-based eligibility or haircuts) subject to strict integrity criteria and periodic review.

Operationalize the Brazilian Emissions Trading System (across all five phases).

Expand climate scenario analysis and bottom-up stress tests to influence IInternal Capital Adequacy Assessment Process, governance remediation, and supervisory dialogue across major banks.

Scale subnational support: expand city/state access to FEP/PSP/CFF/FELICITY for sanitation, lighting, solid waste-to-energy, distributed solar, and NBS flood control.