寄稿

Brazilian Climate Change
Public Policyand Private Initiatives
Natalia Azevedo de Carvalho
Environmental Law, Pinheiro Neto Advogados, Brazil/Japan
ピネイロ・ネト法律事務所（Pinheiro Neto Advogados）／環境法弁護士（Brazil/Japan）。Fundação Getúlio Vargas法学士号。FGVロー・スクール（2011年）およびイリノイ大学アーバナシャンペーン校（2012年）の法学修士。2017/2018年に西村あさひ法律事務所に出向し外国弁護士として従事。E-mail: ncarvalho@pn.com.br

1. Brazil’s National Public Policy andInternational Position on Climate Change

in terms of its guidelines, instruments, governmental
structure and the establishment of the possibility ofmarket-based institutes for GHG emissions certifiedreductions. Its most important provisions set out (i)Brazil’s voluntary national commitment of reducing
between 36.1% to 38.9% its projected greenhouse gas
emissions for 2020; (ii) the need for all governmental
and public policy to be compatible with this Policy;and (iii) that the official financial institutions were toopen specific lines of credit for private projects that
met the Policy’s purposes.
This Policy was further regulated, initially in2010 and later by Federal Decree No. 9,578/2018.
The reductions goals were then detailed, indicating,in summary:Brazil has been involved in the international setting ofclimate change regulation and discussions from theoutset, as the United Nations Framework Convention
on Climate Change was opened for signature in Riode Janeiro in June, 1992. As a developing country,
however, it faces its share of challenges in the adoptionof a stricter policy on climate change, due to thesocial, economic, pragmatic and political aspects
surrounding the topic. Its prominent position in termsof natural resources that may constitute sinks forgreenhouse gases also turns the international watch
towards the country’s internal policy.
Nationally, its first internal regulation was in theyear 2000, with the creationof the Brazilian Climate
2020 Projected GHG Emissions
Change Forum. Later, inTotal: 3,236 million tonCO2eq
2008, Brazil’s National
Climate Change Plan waspublished, aiming to
By sector:
encourage the development( i ) land use change: 1,404 million
and improvement oftonCO2eq;
mitigation actions in Brazil( ii ) energy: 868 million tonCO2eq;(iii) agriculture and cattle: 730
in line with the global effort
million tonCO2eq; andto reduce greenhouse gases(iv) industrial and waste treatment
processes: 234 million(GHG) emissions.
tonCO2eq.
In 2009, the National
Policy on Climate Change
was enacted by Federal Law
No. 12,187 and brought
forth important provisions
282020.5

Aimed GHG Emissions Reduction
Total: between 1,168 million tonCO2eq and 1,259
million tonCO2eq of projected emissions
Highlighted Main Measures for Reduction (amongothers):(i)

80% reduction in the annual deforestation inthe Legal Amazon compared to the average
from 1996 to 2005;( ii ) 40% reduction in the “Cerrado” (“savanna”)
biome deforestation compared to theaverage from 1996 to 2005;(iii) expansion of the offer of hydroelectric
power, alternative renewable sources,
biofuels and the increment of energy
efficiency;(iv) recovery of 15 million hectares of degradedcattle fields; and(v) expansion of forest planting in 3 million
hectares.

特集：ESG、その解釈とアプローチ

This goal was expanded by Brazil’s intended
Nationally Determined Contributions, under theParis Agreement. There, it commits to reducing GHG
emissions by 37% below 2005 levels in 2025 and by
43% below 2005 levels in 2030, also throughmeasures related to the use of sustainable biofuels,
zeroing illegal deforestation and fully compensating
legal suppression of vegetation, reforestation
measures, and achieving 45% of renewables in theenergy mix by 2030, among additional measures.
Within the international principle of “common
but differentiated responsibilities”, Brazil aims toreach this in the context of continued population andeconomic growth, as well as per capita income
increase. This is an ambitious line, particularly in thecurrent political context, but one that opens several
investments possibilities in the relevant sectors.

2. Brazilian Private Sector Initiatives
Brazil has the third largest corporate network in theworld within the “Global Compact” initiative１,launched as a call for companies to align their strategies
on ten universal principles. It is currently the largest
global corporate sustainability initiative, with over
13,000 members in 160 countries. It has as guidance
UN’s 2030 Agenda for Sustainable Development’s
Goals２, one of which is Climate Action. 800 Brazilian
companies are part of it, leading different theme
groups within “Global Compact Brazil”, including
one specific for Energy and Climate.
Under it, is the Action4Climate initiative, seeking
the private sector’s engagement in commitments that
support the goal of limiting the Earth’s temperature
increase to 1.5°C under three important axis: (i) mitigation,by the establishment of public commitments to reduce oroffset the companies’ emissions; (ii) resilience andadaptation, by creating local efforts to address andmanage the risk impacts of global climate change; and(iii) implementation, by identifying sources of funding
and responsible engagement to public policies. Brazilian
companies have also formed the Brazilian BusinessCouncil for Sustainable Development (CEBDS), which
has a specific theme chamber for Energy and Climate
Change and is the Country’s representation of the World
Business Council for Sustainable Development.

These initiatives are a form of articulation
between the private and public sector’s actions andcombine the aggregate experience of companies
navigating the sector in Brazil.
In terms of also assisting with the increase in
private investment for the funding of projects relevant
to action against climate change, and following thisglobal trend, is the most recent practice of “greenbonds” issuance. The Climate Bonds Initiative
Brazil’s State of the Market Report for 2017３, thelatest compiled, informs that “Brazilian labelledgreen bonds market has now reached $3.67bn thanks
to national companies (…) financing a diverse rangeof sectors [42% for clean energy projects; 24% for
agriculture and forestry projects, 13% for water, 9%
to building and industry; 8% for waste and pollution
and 2% for transport and climate adaptation each]”.
The report also highlights the heightened demand byinternational investors for Brazil’s green investment
products, something as to which the CEBDS has
specific guidelines on as well.
１. https://www.pactoglobal.org.br/no-brasil
２. https://www.un.org/sustainabledevelopment/development-agenda/
３. https://www.climatebonds.net/resources/reports/brazil-

edition-bonds-climate-change-state-market-2017

3. Final Remarks
The above summarized information shows that
Brazil maintains its public and private sector’scommitments and initiatives towards reaching theinternational agreements mitigation and adaptation
goals against climate change. This presents ascenario with multiple opportunities for investments
in related projects.
Pinheiro Neto Advogados, as the first Brazilian
law firm to offset its carbon footprint, and its specialized
environmental team, remain fully available to assist in
any related consulting or litigation matter.
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