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  3. The Central Bank of Brazil (BCB) launched two public consultations intended to expand the role of sustainability imperative issues, i.e., social, environmental, and climate change topics, in the Brazilian financial regulatory framework. They comprise BCB’s Regulatory Agenda (Agenda BC#) on sustainability.

The Central Bank of Brazil (BCB) launched two public consultations intended to expand the role of sustainability imperative issues, i.e., social, environmental, and climate change topics, in the Brazilian financial regulatory framework. They comprise BCB’s Regulatory Agenda (Agenda BC#) on sustainability.


The Central Bank of Brazil (BCB) launched two public consultations intended to expand the role of sustainability imperative issues, i.e., social, environmental, and climate change topics, in the National Financial System (SFN, in the Portuguese acronym). The public consultations are part of BCB’s Institutional Agenda sustainability dimension (Agenda BC#).

BCB Public Consultation n. 85/2021 presents two resolution proposals:

  • An amending proposal to CMN Resolution n. 4.606/2017, which provides a voluntary and simplified framework for risk management. The proposal expands the current provision on socioenvironmental risk to three specific risk definitions (social, environmental, and climate). It also provides additional risk management requirements, such as mechanisms for assessing institutional reputation and exposure to those risks; and
  • A new CMN resolution that requires the financial institutions subject to prudential regulation (those categorized in segments S1 to S5 of CMN Resolution n. 4.553/2017) to develop and disclose a Social, Environmental, and Climate Responsibility Policy (PRSAC, in the Portuguese acronym). The resolution and the new PRSAC framework intend to replace CMN Resolution n. 4.327/2014, which provides the current framework on Socioenvironmental Responsibility Policy.

BCB Public Consultation n. 86/2021 presents a CMN resolution proposal that requires financial institutions categorized in segments S1 to S4 of CMN Resolution n. 4.553/2017 to disclose a Social, Environmental and Climate Risk and Opportunities Report (Relatório GRSAC, in the Portuguese acronym). The new report is designed to improve market transparency, in accordance with the expanded risk management framework proposed by Public Consultation n. 85/2021 and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). 

Contributions to both public consultations can be submitted to this e-mail address, or through BCB public consultation website, until June 5. The proposals (draft resolutions) can be found at that website.

More information on BCB’s sustainability agenda is available here.