Brazil's leading role in the international sustainability arena is the result of a trajectory built on assets such as our predominantly renewable electricity matrix and regulatory and sectoral advancements that have consolidated the country as a global benchmark. At COP30 in Belém, the country can further strengthen its position by leading the discussion on climate finance, one of the Conference's main themes. And in this matter, banks have a decisive role.
According to the Boston Consulting Group (BCG), the world will need to invest approximately US$10 trillion by 2050 to enable the climate transition. In Brazil, the estimated need is up to US$2.4 trillion. These figures, while challenging, reveal a historic opportunity: to stimulate innovation, growth, and the creation of new markets. With their reach and mobilization capacity, banks can be agents of profound transformation by directing resources towards this transition.
At Itaú Unibanco, we understand that decarbonization is essential to reducing the impacts of climate change and generating new opportunities. But we know this cannot be done alone. Therefore, our commitment goes beyond reducing our own emissions: we seek to engage and support our clients on their transition journeys. It is in this sense that we revised our ESG agenda last year, committing to mobilizing R$ 1 trillion by the end of 2030 in sustainable finance. And, as leaders in agribusiness among private banks, we have been acting intelligently and with resources to support regenerative and low-carbon practices in the field, a strategic sector for Brazil and the world.
Reducing emissions will require modernizing infrastructure, adopting clean technologies, and transforming production models. There are concrete opportunities in low-carbon agriculture, in all forms of the bioeconomy, in the conservation of our biomes, and in the energy transition. In this scenario, the financial system can be a major driver by offering thematic products, incorporating ESG criteria into analyses, promoting transparency, and fostering strategic partnerships.
One example is our partnership with Syngenta, with support from The Nature Conservancy, in the Reverte Program, which recovers degraded areas by converting them into arable land. Since the program began in 2021, we have already funded R$ 2 billion to recover more than 270,000 hectares, a practical example of how agricultural productivity can increase without the need to suppress native vegetation, contributing to the reduction of agribusiness emissions.
Furthermore, Itaú acted as financial advisor in raising R$ 1.5 billion in Green and Transition Bond From Vibra, a resource that will strengthen the company's decarbonization plan. The bank was also the lead coordinator in the issuance of Gencau's first sustainable CRA (Agribusiness Receivables Certificate), worth R$ 80 million, which will be used to purchase cocoa produced with low impact by small producers, an ESG operation with both environmental and social objectives.
And our role goes beyond financing. We actively contribute to the construction of the Brazilian Sustainable Taxonomy, which will be fundamental in stimulating the standardization of criteria and attracting investors committed to responsible practices, and we contribute to the regulation of the carbon market. We also support initiatives such as the Eco Invest Brasil program, a blended finance initiative through which R$$ 8.4 billion has been directed to sustainable projects, of which R$$ 7.05 billion is leveraged capital from Itaú. These actions are part of a framework being developed by a diverse alliance—comprised of the private sector, academia, governments, and civil society—that aims to enable large-scale climate finance.
The strength of Brazil's leadership lies precisely in this capacity for coordination. COP30 will be a landmark event, and the work has already begun. It is time to consolidate a new economy—greener, more inclusive, and more resilient—in which sustainable finance is not just a trend, but a lever for development.
By Luciana Nicola, Director of Institutional Relations and Sustainability at Itaú
