After years of campaigning by WWF and other civil society organizations, the Brazilian Central Bank (BCB) has announced new sustainability measures, including recognizing climate change as a financial risk.
The country’s financial institutions are now required to follow UN-backed guidelines on disclosing their exposure to climate risk by the end of 2022 – a great opportunity for them to contribute to the understanding of climate risks and to support the transition to sustainable agricultural production that no longer converts forests and other natural areas. The BCB, which became a member of the Network for Greening the Financial System earlier this year, has also improved its regulations so that financial institutions can increase lending to sustainable agricultural businesses. In another significant move aiming to protect Brazilian nature, a group of Brazilian financial institutions (Bradesco, Itaú and Santander) and businesses (Amazônia Possível) have announced new measures to safeguard the Amazon.
