Landscape of Climate Finance in Brazil

Delivering on Brazil’s local weather and broader sustainable growth targets, the amount of local weather finance will likely be key. In this first-of-its-kind report, Climate Policy Initiative/Pontifical Catholic University of Rio de Janeiro (CPI/PUC-RIO) tracks and analyzes local weather finance flowing to and inside Brazil, throughout all actors – home and worldwide; private and non-private – between 2019 and 2023. This 5 yr evaluation of the panorama of local weather finance in Brazil offers a baseline in opposition to which to trace tendencies, progress, gaps, and alternatives over time.  

The report maps and analyzes local weather finance flows alongside their lifecycle, from sources and devices used to channel funds by to deployment on the bottom. The evaluation spotlights the varied vary of actors offering local weather finance in and to Brazil, and the place that local weather finance is at the moment flowing – throughout sectors and for various local weather makes use of (mitigation; adaptation; twin advantages; and loss and injury). For sure key actors (the Federal Government and BNDES) and particular key sectors (Energy and AFOLU), the report offers deeper dive analyses into the tracked local weather finance flows.  

The report builds on prior monitoring work by CPI/PUC-RIO, providing essentially the most complete image of local weather finance flows in Brazil thus far. Building on CPI’s long-standing institutional expertise monitoring world, regional, and nationwide local weather finance (GLCF 2025), in addition to CPI/PUC-Rio’s prior monitoring work targeted on Climate Finance for Land Use in Brazil (Chiavari et al. 2024) and International Climate Finance Tracking for Brazil (Chiavari et al. 2025), the report gives essentially the most complete stocktake thus far. Climate finance was tracked throughout a number of layers of the Brazilian economic system, based mostly on an intensive local weather tagging train utilized to varied, heterogenous datasets, protecting private and non-private sources. Nonetheless, sure particular knowledge gaps stay in sectors for which dependable and detailed knowledge is nonetheless restricted or totally missing.  

The authors want to thank Miguel Motta, Maria Gabrielle, and João Pedro Valente for analysis help. This publication benefited from feedback and ideas from Juliano Assunção, Natalie Hoover, Baysa Naran, Chavi Meattle, and Giovanna de Miranda. The authors would additionally prefer to thank Julia Berry, Nina Oswald Vieira, and Meyrele Nascimento for formatting and graphic design.

This work is supported by a grant from Gordon and Betty Moore Foundation and Norway’s International Climate and Forest Initiative (NICFI). This publication doesn’t essentially symbolize the view of our funders and companions.