For this, the Brazil Climate Summit, held on the 15th and 16th, at Columbia University, on the eve of climate week in New York, the largest climate-themed event in the world and which takes place this week, should become a permanent forum in the Big Apple. “The event cannot stop here. Regardless of the government, we want to take the lead”, says Luciana Antonini Ribeiro, co-founder of EB Capital and one of the organizers of the event.
According to her, who avoids talking about politics, so as not to “contaminate” the initiative, the purpose of the event, which began to be gestated in the middle of the pandemic, was to create a bridge between various agents, going beyond the public already focused on sustainability.
The forum attracted nearly 600 people over two days at Columbia University, including students and alumni of the institution, experts on the green agenda, executives from companies, banks and international investors.
The director of environmental asset manager Reservas Votorantim, David Canassa, was surprised at how the green agenda has advanced in Brazilian companies. “Five years ago, this was unthinkable. As you see initiatives adopted by publicly traded companies, it takes on another proportion, because investors start to charge”, he says, considering that this advance took place despite the pandemic, which “could having put everything under the rug”.
‘Green credit’ grows in the public and private sectors
Among the topics discussed at the Brazil Climate Summit event was the need for financial structures to support a green agenda in Brazil. Bank of America’s director of debt markets for Latin America, Max Volkov, showed a scenario of the Brazilian market. According to him, there is a stock of US$ 19 billion in foreign debt issues in the country with an ESG profile, an acronym for environmental, social and governance issues.
In parallel to traditional options, new structures begin to emerge. Banco do Brasil is preparing to launch its first carbon credits. The debut will be with four operations worth R$ 25 million. But the potential is greater. BB has already mapped 80 transactions in its agribusiness portfolio.
“We put the two ends together, the side that has excess carbon credits and the other that needs to compensate. We mapped all this surplus and we are going to launch the first four emissions at the end of the month”, said the president of BB, Fausto Ribeiro, in interview with Estadão/Broadcast.
At the other end, the National Bank for Economic and Social Development (BNDES) is working to boost the segment. In this sense, it organized two public notices for the purchase of carbon credits, totaling R$ 110 million. “Brazil is a powerhouse in nature-based solutions. We have our forests, a solution that is at hand,” said Bruno Aranha, director of productive and socio-environmental credit at the development bank.
The debate over the carbon credits system is far from new. The model was created based on the Kyoto Protocol, in 1997. In Brazil, this market reached US$ 2 billion last year and has grown at an annual rate of 30%, according to specialists who participated in the Brazil Climate Summit. The expectation is that the segment can reach US$ 50 billion by 2030, points out the global consultancy McKinsey.
The information is from the newspaper. The State of São Paulo.