By Rodrigo de Pinho Bertoccelli
COP29 is an excellent opportunity to discuss the role of multilateral organizations in providing instruments that reduce country risk and encourage private capital to invest in emerging countries. In Brazil, in addition to cracking down on environmental damage, dialogue among oversight bodies is needed to speed up the approval of
As we approach COP29 in Baku, global attention turns to the G20’s potential to tackle climate change and drive the ESG (Environmental, Social and Governance) agenda. With heat waves, floods and droughts affecting communities around the world, climate action has become a priority. This year, the focus is on global climate finance, aimed at providing resources so that developing countries can face the climate crisis.
However, challenges persist in both the international financial system and the Brazilian legal and regulatory system, hindering the mobilization of the necessary resources and actions. The G20 needs to show leadership in driving globally coordinated climate action, with an emphasis on climate finance, resilient infrastructure and technology to accelerate the energy transition. Since 2000, climate change has cost the world USD 16 million per hour, and without this crisis, the global economy could have grown by another USD 2.8 trillion. In Brazil, access to capital to finance green transitions remains a significant challenge. Estimates indicate that there are up to USD 2.5 trillion in funds related to green investments, but only a small part of this amount goes to emerging markets and developing economies such as Brazil.
One of the main points of discussion at COP29 is global climate finance, which aims to provide resources to developing countries to combat the climate crisis. In addition, declarations and pledges such as the Global Energy Storage and Grids Pledge, the Green Energy Zones and Corridors Pledge, the Hydrogen Declaration, the Declaration on Green Digital Action, the Declaration on Reducing Methane from Organic Waste, the Declaration on Multisectoral Actions Pathways for Resilient and Healthy Cities, the Declaration on Enhanced Action in Tourism and the Declaration on Water for Climate Action are essential to drive progress in climate action. These declarations send strong signals to the market and promote a sense of shared responsibility among all parties and non-state actors.
In Brazil, the number of wildfires reached alarming levels in 2024, especially in the Amazon and the Cerrado, according to INPE data. In this context, the Office of the Attorney General (AGU) filed a lawsuit for climate damage on behalf of ICMBio, holding five farmers liable for the devastation of more than 7,000 hectares of the Jamanxim National Forest in Pará. Greenhouse gas (GHG) emissions do not affect only the Jamanxim area, but contribute to worsening climate change on a global scale. The AGU calculates compensation based on the social cost of the emissions of 1.1 million tonnes of GHG released by the degradation, seeking damages of BRL 635 million. This amount is a milestone because it includes the climate impact as a fundamental part of the action.
The growing importance of ESG practices reflects a global shift in how companies and governments deal with environmental and governance issues. In the European Union, the Corporate Sustainability Reporting Directive requires companies to disclose information on climate risks and their mitigation strategies. In the United States, the SEC is considering new rules to increase transparency on GHG emissions. Climate risks are a growing concern for investors and companies. Adopting ESG practices is not just a matter of social responsibility, but also a risk mitigation strategy. Studies show that companies that implement sustainable practices tend to perform better financially in the long run. For example, PwC estimates that investment in sustainable businesses could reach USD 4.3 trillion by 2030.
The AGU’s action is not just a response to environmental damage, but a significant step toward accountability for climate damage. What is at stake goes beyond the burned area; it affects the climate and the health of millions of people. Integrating ESG practices and considering climate risks are essential to ensure a sustainable and resilient future. Climate investment can no longer be seen as a burden. On the contrary, this agenda brings unprecedented opportunities for economic growth.
In addition to regulating and implementing measures against environmental damage, the Brazilian public sector should expand its role by financing sustainable projects, since the initial investment often exceeds the private sector’s capacity. This can be done through subsidies, tax incentives and public-private partnerships (PPPs), stimulating innovation and ensuring economic viability. Public intervention is also crucial to mitigate political and economic risks, creating a stable regulatory environment that attracts investors. Finally, an integrated approach, coordinating efforts between different levels of government and economic sectors, can turn environmental challenges into economic opportunities, promoting inclusive and resilient growth.
In this context, COP29 is an excellent opportunity to discuss the role of multilateral organizations in providing instruments that reduce country risk and encourage private capital to invest in emerging countries. In Brazil, in addition to cracking down on environmental damage, dialogue among oversight bodies is needed to speed up the approval of strategic infrastructure projects, reducing uncertainty about deadlines and the requirements for approvals. Alongside an environment of predictability and legal certainty, it is necessary to broaden the rules on and access to credit, allowing small and large companies to join major global green supply chains for the development of sustainable infrastructure.
Every fraction of a degree of warming matters for lives, livelihoods and our planet. Swift, smart and determined action is essential to reduce emissions and build resilience. Although finance and policies are fundamental, the real difference lies in governments’ willingness to plan and structure sustainable and resilient infrastructure projects, as well as their capacity to implement them. This is vital to keep the 1.5°C target alive and avoid high reconstruction costs.
This text reflects solely and exclusively the opinion of the author and does not represent the views of Instituto Não Aceito Corrupção (Inac). This series is a partnership between Blog do Fausto Macedo and Instituto Não Aceito Corrupção. The articles are published periodically
As we approach COP29 in Baku, global attention turns to the G20’s potential to tackle climate change and drive the ESG (Environmental, Social and Governance) agenda. With heat waves, floods and droughts affecting communities around the world, climate action has become a priority. This year, the focus is on global climate finance, aimed at providing resources so that developing countries can face the climate crisis.
However, challenges persist in both the international financial system and the Brazilian legal and regulatory system, hindering the mobilization of the necessary resources and actions. The G20 needs to show leadership in driving globally coordinated climate action, with an emphasis on climate finance, resilient infrastructure and technology to accelerate the energy transition. Since 2000, climate change has cost the world USD 16 million per hour, and without this crisis, the global economy could have grown by another USD 2.8 trillion. In Brazil, access to capital to finance green transitions remains a significant challenge. Estimates indicate that there are up to USD 2.5 trillion in funds related to green investments, but only a small part of this amount goes to emerging markets and developing economies such as Brazil.
One of the main points of discussion at COP29 is global climate finance, which aims to provide resources to developing countries to combat the climate crisis. In addition, declarations and pledges such as the Global Energy Storage and Grids Pledge, the Green Energy Zones and Corridors Pledge, the Hydrogen Declaration, the Declaration on Green Digital Action, the Declaration on Reducing Methane from Organic Waste, the Declaration on Multisectoral Actions Pathways for Resilient and Healthy Cities, the Declaration on Enhanced Action in Tourism and the Declaration on Water for Climate Action are essential to drive progress in climate action. These declarations send strong signals to the market and promote a sense of shared responsibility among all parties and non-state actors.
In Brazil, the number of wildfires reached alarming levels in 2024, especially in the Amazon and the Cerrado, according to INPE data. In this context, the Office of the Attorney General (AGU) filed a lawsuit for climate damage on behalf of ICMBio, holding five farmers liable for the devastation of more than 7,000 hectares of the Jamanxim National Forest in Pará. Greenhouse gas (GHG) emissions do not affect only the Jamanxim area, but contribute to worsening climate change on a global scale. The AGU calculates compensation based on the social cost of the emissions of 1.1 million tonnes of GHG released by the degradation, seeking damages of BRL 635 million. This amount is a milestone because it includes the climate impact as a fundamental part of the action.
The growing importance of ESG practices reflects a global shift in how companies and governments deal with environmental and governance issues. In the European Union, the Corporate Sustainability Reporting Directive requires companies to disclose information on climate risks and their mitigation strategies. In the United States, the SEC is considering new rules to increase transparency on GHG emissions. Climate risks are a growing concern for investors and companies. Adopting ESG practices is not just a matter of social responsibility, but also a risk mitigation strategy. Studies show that companies that implement sustainable practices tend to perform better financially in the long run. For example, PwC estimates that investment in sustainable businesses could reach USD 4.3 trillion by 2030.
The AGU’s action is not just a response to environmental damage, but a significant step toward accountability for climate damage. What is at stake goes beyond the burned area; it affects the climate and the health of millions of people. Integrating ESG practices and considering climate risks are essential to ensure a sustainable and resilient future. Climate investment can no longer be seen as a burden. On the contrary, this agenda brings unprecedented opportunities for economic growth.
In addition to regulating and implementing measures against environmental damage, the Brazilian public sector should expand its role by financing sustainable projects, since the initial investment often exceeds the private sector’s capacity. This can be done through subsidies, tax incentives and public-private partnerships (PPPs), stimulating innovation and ensuring economic viability. Public intervention is also crucial to mitigate political and economic risks, creating a stable regulatory environment that attracts investors. Finally, an integrated approach, coordinating efforts between different levels of government and economic sectors, can turn environmental challenges into economic opportunities, promoting inclusive and resilient growth.
In this context, COP29 is an excellent opportunity to discuss the role of multilateral organizations in providing instruments that reduce country risk and encourage private capital to invest in emerging countries. In Brazil, in addition to cracking down on environmental damage, dialogue among oversight bodies is needed to speed up the approval of strategic infrastructure projects, reducing uncertainty about deadlines and the requirements for approvals. Alongside an environment of predictability and legal certainty, it is necessary to broaden the rules on and access to credit, allowing small and large companies to join major global green supply chains for the development of sustainable infrastructure.
Every fraction of a degree of warming matters for lives, livelihoods and our planet. Swift, smart and determined action is essential to reduce emissions and build resilience. Although finance and policies are fundamental, the real difference lies in governments’ willingness to plan and structure sustainable and resilient infrastructure projects, as well as their capacity to implement them. This is vital to keep the 1.5°C target alive and avoid high reconstruction costs.
This text reflects solely and exclusively the opinion of the author and does not represent the views of Instituto Não Aceito Corrupção (Inac). This series is a partnership between Blog do Fausto Macedo and Instituto Não Aceito Corrupção. The articles are published periodically
As we approach COP29 in Baku, global attention turns to the G20’s potential to tackle climate change and drive the ESG (Environmental, Social and Governance) agenda. With heat waves, floods and droughts affecting communities around the world, climate action has become a priority. This year, the focus is on global climate finance, aimed at providing resources so that developing countries can face the climate crisis.
However, challenges persist in both the international financial system and the Brazilian legal and regulatory system, hindering the mobilization of the necessary resources and actions. The G20 needs to show leadership in driving globally coordinated climate action, with an emphasis on climate finance, resilient infrastructure and technology to accelerate the energy transition. Since 2000, climate change has cost the world USD 16 million per hour, and without this crisis, the global economy could have grown by another USD 2.8 trillion. In Brazil, access to capital to finance green transitions remains a significant challenge. Estimates indicate that there are up to USD 2.5 trillion in funds related to green investments, but only a small part of this amount goes to emerging markets and developing economies such as Brazil.
One of the main points of discussion at COP29 is global climate finance, which aims to provide resources to developing countries to combat the climate crisis. In addition, declarations and pledges such as the Global Energy Storage and Grids Pledge, the Green Energy Zones and Corridors Pledge, the Hydrogen Declaration, the Declaration on Green Digital Action, the Declaration on Reducing Methane from Organic Waste, the Declaration on Multisectoral Actions Pathways for Resilient and Healthy Cities, the Declaration on Enhanced Action in Tourism and the Declaration on Water for Climate Action are essential to drive progress in climate action. These declarations send strong signals to the market and promote a sense of shared responsibility among all parties and non-state actors.
In Brazil, the number of wildfires reached alarming levels in 2024, especially in the Amazon and the Cerrado, according to INPE data. In this context, the Office of the Attorney General (AGU) filed a lawsuit for climate damage on behalf of ICMBio, holding five farmers liable for the devastation of more than 7,000 hectares of the Jamanxim National Forest in Pará. Greenhouse gas (GHG) emissions do not affect only the Jamanxim area, but contribute to worsening climate change on a global scale. The AGU calculates compensation based on the social cost of the emissions of 1.1 million tonnes of GHG released by the degradation, seeking damages of BRL 635 million. This amount is a milestone because it includes the climate impact as a fundamental part of the action.
The growing importance of ESG practices reflects a global shift in how companies and governments deal with environmental and governance issues. In the European Union, the Corporate Sustainability Reporting Directive requires companies to disclose information on climate risks and their mitigation strategies. In the United States, the SEC is considering new rules to increase transparency on GHG emissions. Climate risks are a growing concern for investors and companies. Adopting ESG practices is not just a matter of social responsibility, but also a risk mitigation strategy. Studies show that companies that implement sustainable practices tend to perform better financially in the long run. For example, PwC estimates that investment in sustainable businesses could reach USD 4.3 trillion by 2030.
The AGU’s action is not just a response to environmental damage, but a significant step toward accountability for climate damage. What is at stake goes beyond the burned area; it affects the climate and the health of millions of people. Integrating ESG practices and considering climate risks are essential to ensure a sustainable and resilient future. Climate investment can no longer be seen as a burden. On the contrary, this agenda brings unprecedented opportunities for economic growth.
In addition to regulating and implementing measures against environmental damage, the Brazilian public sector should expand its role by financing sustainable projects, since the initial investment often exceeds the private sector’s capacity. This can be done through subsidies, tax incentives and public-private partnerships (PPPs), stimulating innovation and ensuring economic viability. Public intervention is also crucial to mitigate political and economic risks, creating a stable regulatory environment that attracts investors. Finally, an integrated approach, coordinating efforts between different levels of government and economic sectors, can turn environmental challenges into economic opportunities, promoting inclusive and resilient growth.
In this context, COP29 is an excellent opportunity to discuss the role of multilateral organizations in providing instruments that reduce country risk and encourage private capital to invest in emerging countries. In Brazil, in addition to cracking down on environmental damage, dialogue among oversight bodies is needed to speed up the approval of strategic infrastructure projects, reducing uncertainty about deadlines and the requirements for approvals. Alongside an environment of predictability and legal certainty, it is necessary to broaden the rules on and access to credit, allowing small and large companies to join major global green supply chains for the development of sustainable infrastructure.
Every fraction of a degree of warming matters for lives, livelihoods and our planet. Swift, smart and determined action is essential to reduce emissions and build resilience. Although finance and policies are fundamental, the real difference lies in governments’ willingness to plan and structure sustainable and resilient infrastructure projects, as well as their capacity to implement them. This is vital to keep the 1.5°C target alive and avoid high reconstruction costs.
This text reflects solely and exclusively the opinion of the author and does not represent the views of Instituto Não Aceito Corrupção (Inac). This series is a partnership between Blog do Fausto Macedo and Instituto Não Aceito Corrupção. The articles are published periodically.
