The Ministry of Finance opened a public consultation to define the Brazilian Sustainable Taxonomy. The idea is to classify economic activities that contribute to the sustainable and social development of the country. Contributions must be sent by October 20th via the website: https://www.gov.br/participamaisbrasil/.
The goal is to present the set of rules at COP 28, which will be held between November 30 and December 12, in the United Arab Emirates.
According to Cristina Reis, Undersecretary for Sustainable Economic Development at the Ministry of Finance, taxonomy works as a kind of “vocabulary” of financial assets and sustainable economic activities, facilitating the understanding of what is relevant to the Brazilian strategy for tackling the climate crisis.
“What is happening today is that several financial institutions, companies and other economic actors have formed their own understanding of what a sustainable asset is, so the time has come for there to be a standardized understanding of the subject,” he said.
The strategic objectives are:
- mobilize public and private investments for economic activities with positive environmental and social impacts;
- promote technological densification aimed at sustainability;
- create the basis for producing reliable information on sustainable finance flows (avoiding greenwashing).
