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Banks are getting ready for stricter ESG rules, including climate risk disclosure
- Institutions set sustainable business financing targets
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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