FROM INVESTORS REPRESENTING BRL 1.80 TRILLION

June 2017

The Brazil Green Bonds Statement
We, the undersigned signatories to this statement, investors managing
a combined BRL 1.80 trillion of assets, are substantial investors in theBrazilian capital markets.
We understand:1. Climate change poses a significant risk to society, the economy, and to the investments we make on behalf of our clientsand beneficiaries.
2. The response to these risks requires a rapid transition to a low-­carbon and climate resilient economy, demanding
substantial investments in areas such as renewable energy, low-­carbon transport and technologies, water and sewage
infrastructure, and in adaptation measures for communities and to improve existing infrastructure.
3. Brazil ratified into law its Nationally Determined Contribution (NDC) to reduce its greenhouse gas emissions, presented
during the COP-­21 in Paris (2015); and that this commitment will require large investment amounts from public and private
sectors to finance the transition to a low-­carbon economy until 2030.
4. A large proportion of the mitigation and adaptation solutions required can be structured as investible assets, with yieldand risk levels that are adequate to meet the needs of our clients and beneficiaries.
We recognize the growth of the international green bonds market as one of the mechanisms to finance solutions to climatechange.
We believe the growth of a Brazilian green bonds market, matching global developments, meets our interests as investors in
the Brazilian capital markets.

In order for us to evaluate investment opportunities in green bonds, we believe:
1. The Brazilian government shall act through policy, regulation, risk mitigation and other mechanisms to support the issuanceof green bonds that allow us to meet our obligations to our clients and beneficiaries.
2. Civil society, academic and financial institutions shall develop independent eligibility criteria, addressing impacts andbenefits of projects and assets financed by green bonds to enhance credibility and reduce transaction costs in the market.
3. Issuers shall ensure transparency around the use of proceeds and their impact, with credible independent reviews of green
bonds’ environmental credentials, as well as periodically reporting the allocation of proceeds and resulting climate benefits.
We, as investors, believe that green bonds or other green asset classes can be a new investment option to fulfil our fiduciary
duty with our clients and beneficiaries in a responsible and sustainable manner.
We commit to dialogue with bodies like the Climate Bonds Initiative, national, state and municipal governments, development
institutions, commercial banks, corporates, civil society and others; and to contribute to the development of a robust Brazilian
green bonds market that makes a real contribution to addressing climate change.
SIGNATORIESBanco BTG Pactual

BB DTVM

Brasilprev Seguro e Previdência

Santander Asset Management

Itaú Asset Management

UBS Brasil

SulAmérica Investimentos
ORGANIZERS

To register your organisation’s support for this statement, please contact: Justine Leigh-­Bell, justine@climatebonds.net

Zurich Brasil