Melhores Advogados de Finanças Sustentáveis em Brasil

About Finanças Sustentáveis Law in Brazil

Finanças Sustentáveis, or sustainable finance, integrates environmental, social, and governance (ESG) factors into financial decision making. In Brazil, regulators encourage risk assessments that account for climate impact, biodiversity, and social outcomes for investors, lenders, and borrowers. The objective is to align capital flows with Brazil's climate goals and sustainable development plans.

Brazilian regulators primarily influence Finanças Sustentáveis through the central bank, securities commission, and public policy frameworks. This includes guidance on risk management, disclosure of nonfinancial information, and the disclosure of green and social financing instruments. Practical implications include due diligence for investments, governance requirements for issuances, and transparency around use of proceeds.

Recent trends emphasize voluntary and mandatory ESG disclosures for listed companies, the growth of green and ESG-linked bond markets, and procurement rules that favor sustainable suppliers. For residents and businesses, understanding these rules helps reduce regulatory risk and attract ESG-focused investors. Sources of official guidance include the government plan on climate policy and the regulatory pages of Brazil's financial authorities.

Key legal sources underpinning Finanças Sustentáveis in Brazil include the National Climate Change Policy and the regulatory actions of the central bank and the securities commission. The legal landscape continues to evolve with updates to corporate governance, environmental policy, and public procurement rules. For a structured overview, consult the government and regulator links cited in the Resources section below.

Fonte: Planalto - Lei 12.187/2009; Lei 13.874/2019; Lei 14.133/2021; Banco Central do Brasil; CVM

Why You May Need a Lawyer

Scenario 1: You plan to issue a green bond or ESG-linked instrument in Brazil and need compliance with CVM rules and B3 guidelines. A lawyer helps structure the offering, drafts the necessary disclosures, and coordinates external reviews. This reduces the risk of later regulatory challenges or investor disputes.

Scenario 2: Your fund is expanding into sustainable investments and requires robust ESG governance, risk management policies, and investor disclosures. An attorney can design a compliant ESG policy, review internal controls, and ensure alignment with Brazilian regulations and international standards you may follow.

Scenario 3: A manufacturing company seeks financing for a low carbon project and must prove the use of proceeds and project eligibility. A legal counsel can draft the use of proceeds framework, assist with auditing and external verification, and ensure regulatory alignment for a smooth closing.

Scenario 4: A municipality or private entity wants to procure sustainable goods or services under Brazil's new procurement laws. A lawyer can interpret the procurement framework, draft contract terms with sustainability criteria, and manage compliance with the 2021 reform and related environmental standards.

Scenario 5: You face potential regulatory scrutiny for alleged greenwashing or misrepresentation in ESG disclosures. A qualified attorney can conduct a pre filing compliance review, prepare remedial disclosures, and guide crisis management with regulators and investors.

Scenario 6: You are preparing non-financial reporting under Brazilian and international expectations. A lawyer can help structure disclosures in line with local requirements and international best practices, coordinating with auditors and governance bodies.

Local Laws Overview

• Lei n° 12.187, de 29 de dezembro de 2009 - Institui a Política Nacional sobre Mudança do Clima (PNMC). This law provides the framework for climate policy, emissions targets, and sectoral programs. It is a cornerstone for aligning financial activities with climate goals in Brazil. Fonte.
• Lei n° 13.874, de 20 de setembro de 2019 - Lei da Liberdade Econômica. The law reduces bureaucratic barriers and can influence regulatory risk considerations for sustainable investments and project financing. It has shaped how businesses plan and implement regulatory compliance in Brazil. Fonte.
• Lei n° 14.133, de 1 de abril de 2021 - Nova Lei de Licitações e Contratos Administrativos. This law standardizes public procurement processes and introduces sustainability criteria for government projects, impacting how public funds are channeled toward green and social outcomes. Fonte.

In addition to these statutes, Brazil's regulatory regime for sustainable finance is reinforced by agencies such as the Banco Central do Brasil and the Comissão de Valores Mobiliários, which issue guidance on ESG disclosure and risk management for financial institutions and listed entities. Official guidance and current initiatives can be found on their sites.

Frequently Asked Questions

What is Finanças Sustentáveis and why does it matter in Brazil?

Finanças Sustentáveis integrates ESG factors into financial decision making. In Brazil, this supports climate goals, social inclusion, and governance improvements across markets and public projects. It matters because regulatory expectations and investor demand increasingly favor sustainable practices.

How do I start a Green Bond issuance in Brazil and what steps are required?

Start with a feasibility assessment and engage a registered financial advisor. Prepare a use of proceeds framework, obtain external verification if required, and file disclosures with CVM and B3 guidelines. A lawyer coordinates documentation and regulatory compliance.

When should a company hire counsel for ESG disclosures and governance?

As soon as you plan material ESG disclosures or a new sustainability instrument. Early legal input reduces risk in reporting, investor communications, and potential regulatory issues later on.

Where can I find official Brazilian regulations on sustainable finance?

Check official plans and regulations on Planalto’s site and regulator portals. The key sources include Lei 12.187/2009, Lei 13.874/2019, Lei 14.133/2021, and CVM and BC official guidance.

Why is regulatory alignment important for ESG borrowing or investing in Brazil?

Brazilian regulators emphasize transparency and risk management for ESG products. Misalignment can trigger investor complaints, enforcement actions, or termination of financing arrangements.

Can a foreign company issue Brazilian green bonds with local counsel?

Yes. You should engage Brazilian counsel to navigate local securities rules, disclosure standards, and tax considerations. They coordinate with local auditors and verification bodies.

Do I need to implement ESG governance and risk controls if I am not a public company?

Yes, especially if you borrow from banks that require ESG risk management or plan to attract ESG-focused investors. Strong governance reduces financing costs and regulatory risk.

Is there a difference between a green bond and an ESG linked bond in Brazil?

A green bond ties proceeds to a defined environmental project, while an ESG linked bond links returns or covenants to ESG performance metrics for the issuer. Both require clear disclosure and third party verification.

How long does it typically take to complete a Brazilian green finance project from planning to closing?

Planning plus compliance can take 4 to 12 months depending on complexity, external verification, and regulator review. A detailed project plan and early engagement with counsel expedite the process.

What costs should I expect when hiring Finanças Sustentáveis legal counsel?

Costs vary by project scope and firm size. Typical engagements include an initial consult fee, hourly rates for drafting and negotiation, and potential flat fees for specific milestones like disclosures or filings.

Can I rely on standard corporate law for sustainability projects in Brazil?

Standard corporate law helps, but sustainability projects often require specialized ESG disclosure, environmental compliance, and procurement provisions. A lawyer with ESG experience reduces risk and improves outcomes.

Where can I verify the legality of a sustainability-related contract in Brazil?

Legal verification should reference applicable laws such as PNMC, Liberdade Economica, and procurement rules, plus CVM and BC guidance for disclosures. A qualified attorney will confirm compliance across documents.

Additional Resources

• Banco Central do Brasil (BCB) - Official regulator for financial institutions and macroprudential risk management, including ESG considerations in the Brazilian banking system. Site.
• Comissão de Valores Mobiliários (CVM) - Brazilian securities regulator providing guidance on ESG disclosures, corporate governance, and capital markets compliance for listed companies and funds. Site.
• BNDES (Banco Nacional de Desenvolvimento Econômico e Social) - Federal development bank with programs and guidelines for sustainable finance and green investment projects. Site.
• Lei da Liberdade Econômica (Planalto) - Official text and updates on regulatory relief measures affecting business operations and compliance. Fonte.
• Política Nacional sobre Mudança do Clima (Planalto) - Legal basis for climate policy and related mechanisms. Fonte.

Next Steps

1. Define your sustainability objectives and the financial instruments you intend to use, such as green bonds or ESG-linked lending, with a clear use of proceeds or performance metrics.
2. Gather all relevant documents, including corporate disclosures, environmental licenses, project plans, and financial statements, to support regulatory due diligence.
3. Identify Brazilian lawyers or firms that specialize in Finanças Sustentáveis, ESG governance, and securities regulation, and request a scope of work proposal.
4. Schedule initial consultations to discuss your project, timelines, and cost structure; ask for a written engagement letter outlining responsibilities and deliverables.
5. Review the engagement with a focus on disclosure requirements, procurement implications, and alignment with Leyes 12.187/2009, 13.874/2019 and 14.133/2021 before signing.
6. Approve a detailed project plan with milestones for regulatory filings, external verifications, and investor communications; set a realistic closing date based on complexity.
7. Monitor ongoing compliance with ESG disclosures, procurement obligations, and governance updates, adjusting contracts and policies as regulations evolve.