Banks are getting ready for stricter ESG rules, including climate risk disclosure

Institutions set sustainable business financing targets

The annual report becomes mandatory as of 2023

07/13/2022

In September 2021, the Central Bank (BC) and the National Monetary Council (CMN) published a set of standards for financial institutions concerning the ESG agenda.

In short, they expanded existing requirements and reinforced rules for disseminating information and mapping risks with a greater and more detailed focus on climate issues. For example, a climate stress test was required to assess climate change hypotheses and transition to a low-carbon economy.

From 2023 onwards, the annual disclosure of the Social, Environmental, and Climate Risks and Opportunities Report, called GRSAC, will also be mandatory.

Read the full story (in Portuguese).

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