Through a range of initiatives — including the Sustainability Network, working groups, regulatory frameworks, and educational efforts — ANBIMA works alongside financial experts, industry leaders, academics, and civil society to embed sustainability into the very fabric of the market, strengthening Brazil’s leadership in the global ESG agenda. 

The Sustainability Network is a forum for discussing global ESG trends and developing practical tools to support the adoption of sustainable finance practices. This initiative underscores ANBIMA's commitment to working with its members and broader Brazilian society to embed sustainability into the capital markets — a priority strongly reinforced by member feedback during the 2023–2024 strategic planning process. 

Brazil’s capital markets are crucial for advancing a more sustainable and equitable economic model. With significant potential to contribute globally — through forest conservation and nature-based solutions — the Network seeks to channel financial resources effectively, ensuring inclusive economic development. 

Key Focus Areas Aligned with Global Sustainability Goals 

The Network organizes its work around four thematic areas, aligned with the United Nations Sustainable Development Goals (SDGs). Activities include: 

• Monitoring trends

• Creating educational resources  

• Developing tools for ESG management and implementation

Each area is led by a leadership team combining an ANBIMA board member and an ESG expert, balancing strategy and expertise. 

Focus Areas and Leadership 

• Climate Change and Biodiversity → Strategies for decarbonization and conservation

• Human Rights and Social Equity → Diversity, inclusion, and social investment

• Financial Mechanisms and Instruments → Innovative financial tools for sustainable finance

• Governance and Leadership → Strengthening governance and ESG leadership in capital markets

Early Initiatives and Participation 

The Network’s launch gathered a broad group of experts from sustainability and finance sectors. 

• Initial working groups were formed to map challenges and opportunities.

• Ongoing efforts are focused on refining and expanding these initiatives.

• Open participation for market professionals, ESG-interested organizations, and committed individuals.
   

  

Sustainability Network Action Platform 

The Sustainability Network will drive its mission through several key initiatives: 

1. Mobilization and Collaboration: Elevating the ESG agenda and encouraging active participation across the market.

2. Education and Capacity Building: Providing educational resources to deepen understanding and enhance the ability to take action.

3. COP30 Journey: Preparing Brazil’s capital markets to engage actively in the global climate agenda ahead of the 2025 UN Climate Change Conference (COP30) in Belém. This initiative fosters dialogue, mobilizes stakeholders, and outlines practical pathways for financial institutions to align with global climate commitments.

4. IFRS Journey: Offering step-by-step support for the implementation of the IFRS S1 and S2 standards, focusing on sustainability- and climate-related financial disclosures. Spanning eight months, this program engages ANBIMA member institutions through collaborative sessions, best practice sharing, and the development of a practical market guide.

5. Data and Insights: Supplying the market with essential data, trends, and insights to foster innovation.

6. Tools and Resources: Developing and distributing tools to facilitate the adoption of sustainable practices.

7. Best Practices Sharing: Promoting the exchange of knowledge and successful ESG practices.

Investment Funds Initiative 

To align with the evolving dynamics of the local market and global sustainability initiatives, since 2022 introduced criteria for identifying investment funds related to sustainability. This initiative reflects our commitment to mitigating the risks of greenwashing and fostering the sustainable growth of investment alternatives in Brazil. 

Building on global best practices, ANBIMA’s approach recognizes that incorporating ESG considerations into investment funds goes beyond simple portfolio adjustments. Fund managers must also establish robust policies and governance frameworks dedicated to sustainability, ensuring transparency and accountability in their operations. 

A key finding from our research is the urgent need for clear, consistent guidelines to improve the availability of information. Such guidelines help investors distinguish between products that prioritize sustainability and those that merely incorporate ESG risks and opportunities without making sustainability their core focus. This clarity is essential for assessing the material risks and opportunities tied to sustainability across different investment products. 

Aligned with both local and international standards, ANBIMA’s rules aim to: 

• Identify Sustainable Products: Clearly label sustainable investment funds (“IS” funds) to ensure their names and objectives reflect their sustainability goals.

• Differentiate ESG Integration: Distinguish between funds that integrate ESG risks and opportunities (even when sustainability isn’t their main purpose) and those that do not.

• Ensure Commitment and Transparency: Require funds to formally document their sustainability commitments, take ongoing actions, and provide consistent, transparent information to investors.  

Initially, these criteria apply to equity and fixed-income funds that already identify — or intend to be identified — as sustainable, including those using terms like ESG, SDG, green, or impact in their names. 

Under the new guidelines, “IS” (Investimento Sustentável, or Sustainable Investment) funds are explicitly committed to sustainable investing. They must formalize their commitment, adopt strategies aligned with their objectives, and maintain transparency with both investors and the public. 

The rules also allow equity and fixed-income funds that incorporate ESG factors — even if sustainability isn’t their main objective — to disclose this in marketing materials, provided they meet certain requirements. 

This initiative lays the groundwork for future developments, such as extending these rules to other fund categories, establishing information and monitoring standards, and promoting systematic ESG integration across the industry. ANBIMA remains committed to advancing sustainability in Brazil’s financial markets, ensuring investors have access to credible, transparent sustainable investment options. 

ANBIMA ESG Guide 

The ANBIMA ESG Guide provides updated insights into Brazil’s market landscape, offering valuable data, references, and examples to help fund managers apply ANBIMA’s guidelines effectively. Although the guide is not a regulatory document and does not cover every detail of rule implementation or compliance, it serves as a practical resource to strengthen managers’ understanding of ESG principles.  

 Click here to read the full report. 

Capital Markets Initiative 

As of March 24, 2025, ANBIMA’s official rules and procedures for structuring sustainable fixed-income offerings are in force under the ANBIMA Code for Public Offerings. These rules build on the guidelines first introduced in the 2022 Guide on Sustainable Bond Offerings, which had been endorsed by the International Capital Market Association (ICMA) for aligning with global best practices. While the guide was previously an educational resource without supervisory oversight, the inclusion of these provisions in the Code now makes compliance subject to ANBIMA’s self-regulation framework. 

Institutions may now include a disclaimer in offering materials to signal adherence to the criteria: 

“This public offering was structured following the Sustainable Bond Offering Rules and Procedures established by ANBIMA.” 

The rules establish clear criteria depending on the type of sustainable bond, assessing whether commitments are tied to the use of proceeds, sustainability targets for the project, or both. Key requirements include: 

• Content standards in offering documents, with descriptions of the financed projects, general characteristics of the offering, risk factors, and remuneration details.

• Independent verification, requiring a Second Party Opinion (SPO) issued by an independent entity to assess alignment with sustainability criteria.

• Ongoing disclosure, mandating that issuers provide periodic reporting on the use of proceeds and/or progress toward sustainability targets, in a document specifically dedicated to sustainable bonds.

These rules represent a major step forward for Brazil’s sustainable bond market, creating a formal, monitored framework that strengthens investor confidence and promotes market transparency.  

Carbon Credit Market Initiative 

In December 2024, Brazil enacted landmark legislation creating a regulated carbon credit market and establishing the Brazilian Emissions Trading System (SBCE). The new framework sets national emissions caps that will gradually decrease over time, raising the carbon price and driving economic decarbonization. It also classifies emissions allowances and carbon credits as securities under the supervision of the Brazilian Securities and Exchange Commission (CVM), enhancing legal certainty and investor confidence. 

Following the enactment of the law, ANBIMA is developing a best practices guide to help shape and strengthen the Brazilian carbon credit market. The guide will provide practical tools for financial institutions and market participants, covering how to structure transactions, ensure robust governance, navigate cap-and-trade mechanisms, and enhance transparency in the issuance and trading of carbon credits. 

Through these efforts, ANBIMA seeks to encourage private-sector engagement, boost Brazil’s leadership in the global climate agenda, and mobilize investments that support both national and international decarbonization goals.