In a public hearing at the STF this Tuesday (22), the president of CEBDS said that a movement by the Brazilian government towards greater protection of biomes, the search for a low-carbon economy and nature-based solutions will be very beneficial to attract capital and reinvigorate the country's image as a destination for green investments.
Rio de Janeiro, September 23, 2020 – At a public hearing of the Federal Supreme Court (STF), convened by Justice Luís Roberto Barroso on Tuesday afternoon, Marina Grossi, president of CEBDS (Brazilian Business Council for Sustainable Development), defended the resumption of the Climate Fund as a crucial instrument for financing initiatives to reduce greenhouse gas emissions and adapt to climate change. "Investments must be redirected to addressing and recovering the Brazilian economy, fostering a circular, low-carbon, and inclusive economy," said the executive, who leads the movement of business leaders in favor of sustainable development.
In her speech, Marina emphasized that "Brazil has the resources, the knowledge, and, consequently, the unique opportunity to scale up good business practices and strategically plan the country's future sustainable development." Within the Climate Fund, planned investments in urban mobility and solid waste projects, the purchase of machinery and equipment, renewable energy generation and distribution, cities, sustainable forest management projects, and carbon emissions management are important instruments for enabling innovation and attracting more national economic activity and international resources.
"A move by the Brazilian government toward greater protection of biomes, the pursuit of a low-carbon economy, and nature-based solutions will be very beneficial in attracting capital and revitalizing the country's image as a destination for green investments," said the president of CEBDS, adding that the country has been the target of numerous national and international initiatives by investors, businesspeople, and former government leaders calling for an end to deforestation and greater involvement of the Executive, Legislative, and Judiciary branches in this matter.
The CEBDS president also reiterated her support for the creation of a national carbon market, a policy the council has championed for over a decade as an effective way to drive decarbonization and generate wealth from standing forests. "Robust, comprehensive, and long-term policies are needed to achieve the Paris Agreement goals by 2050," said Marina. In 2018, more than 1,300 companies already assigned an internal carbon price to their assets or planned to do so within two years. More than 40 local and national governments also adopt carbon pricing. "If well structured, carbon pricing can drive investment in low-emission technologies, promoting local development and good socio-environmental practices," she stated.
“With the growing international demand for social and environmental responsibility and transparency in reporting by companies and governments, the image and reputation of these institutions are negatively affected,” he noted. “Brazil therefore runs the risk of becoming an undesirable and unviable destination for funds, investors, and other business opportunities,” Marina added.
Coupled with this is the constantly growing demand for sustainable and responsible investments and business models, based on ESG (Environmental, Social and Governance) factors. "Such a movement imposes, on the one hand, a positive filter recommended by multilateral organizations and, on the other, a negative filter applied by large groups of investors who announce the end of investments in initiatives that do not consider environmental and climate risks," said the president of CEBDS.
The executive branch participated in the public hearing convened by Justice Barroso, rapporteur for the Fundamental Precept Non-Compliance Claim (ADPF) 708, filed by the Workers' Party (PT), the Socialist Party (PSOL), the Socialist Party (PSB), and the Rede Party (RED), which questioned the government's actions regarding the National Climate Change Fund (Fundo Clima). The public hearing aimed to discuss the functioning of the National Climate Change Fund, the allocation of its resources, and the status of public environmental policies in Brazil.
ABOUT CEBDS
The Brazilian Business Council for Sustainable Development (CEBDS) is a non-profit civil association that promotes sustainable development through coordination with governments and civil society, in addition to disseminating the most current concepts and practices on the topic. Founded in 1997, it brings together around 60 of the largest business groups in the country, responsible for more than 1 million direct jobs. Represents the network of World Business Council for Sustainable Development (WBCSD), which has almost 60 national and regional councils in 36 countries and 22 industrial sectors, in addition to 200 business groups operating on all continents. More information: https://cebds.org/
PRESS CONTACTS
eduardonunes@altercomunicacao.com.br | +55 21 99864.4245
Eduardo Nunes
