Real Deal Brazil

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Real Deal Brazil Sustainability Actions

Adopted ISSB-aligned disclosure

CVM Resolution 193/2023 formally adopts the ISSB’s International Financial Reporting Standards (IFRS) S1 (general sustainability-related disclosures) and IFRS S2 (climate-related disclosures). Listed companies must report under these standards starting in 2026, with voluntary adoption permitted from 2024.

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Set PRSAC risk policies

CMN Resolutions 4,943, 4,944 and 4,945/2021 established the Social, Environmental and Climate Responsibility Policy (PRSAC) and its governance requirements. BCB Resolution 139/2021 and Normative Instruction 153 introduced disclosure and supervisory reporting of such risks, including the standardised annual GRSAC report.

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Updated sustainability policy

Over the past 12 months, the BCB updated its own institutional Social, Environmental and Climate Responsibility Policy via BCB Resolution 387, while supervised institutions continue to disclose under the 2021 CMN/BCB framework and integrate climate and socio-environmental risks into governance, strategy and risk management.

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Strengthened reverse logistics rules

Waste and circular economy rules are anchored in the National Solid Waste Policy (Law No. 12,305/2010) and updated packaging reverse logistics requirements under Decree No. 12,688/2025, which strengthen post-consumer responsibilities, recycled content pathways and traceability/attestation mechanisms for meeting targets.

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Expanded equal pay enforcement

Social regulation has expanded with the Equal Pay Law (Law No. 14,611/2023), which strengthens transparency and enforcement mechanisms to reduce gender pay gaps.

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Launched sustainable sovereign bonds

On September 5, 2023, the Brazilian government launched its plan to issue Brazilian Sustainable Sovereign Bonds, which aim to issue an estimated $2 billion to fund sustainable projects throughout Brazil.

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Issued sustainable fund rules

In January 2022, ANBIMA issued a set of rules and criteria to enable the proper identification of sustainable funds (to be labeled "IS Funds") which have specific ESG risks and opportunities, and to distinguish funds that incorporate ESG commitments—even if not their primary goal—from those that do not.

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