To collaborate with the global goal of reducing greenhouse gas (GHG) emissions, Banco do Brasil (BB) signed two agreements this Friday (20), during the Global Carbon Market Congress – Decarbonization & Green Investments. The reduction target was established during the United Nations Conference on Climate Change (COP 26).
One of the agreements is with the French Development Agency (AFD) and involves the amount of 100 million euros. Amount that will be used to expand financing lines for projects in the renewable energy sector and to reduce GHG emissions. In addition, 300 thousand euros will be invested in the development of tools to assess carbon emissions.
The second agreement is a memorandum of understanding with the World Bank to allocate US$500 million in credit and funds aimed at the carbon market. Of this total, US$ 400 million will be used to finance small and medium-sized companies, farmers and infrastructure projects that aim to reduce emissions or generate carbon credits. A further US$ 94 million is foreseen for the creation of a climate debt fund.
Banco do Brasil also announced this Friday a set of initiatives to support customers who generate and trade carbon credits. Projects will be encouraged from the identification of the potential of the area to the final conclusion of the work and the generation of credits.
“Through georeferenced mapping of properties, we identify who has a surplus of legal reserve, and we can take an active approach”, explained the vice president of Government and Corporate Sustainability at BB, Barreto Júnior. “With the solution, we identified biomes and specificities, working so that the client, at the end of a short cycle, receives credit and merit for having preserved it”, he concluded.
BB also acts as an intermediary between those who want to sell the credit and those who need to buy it to offset their issues. “From now on, we are able to welcome customers interested in buying or selling and cross these interests quickly, fluidly, safely and with the solidity that the Banco do Brasil brand has”, said Barreto Júnior.