Image credits: Marcelo Camargo/Agência Brasil

World Bank approves climate financing project for Brazil

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The World Bank has approved a US$500 million project to expand sustainability-linked financing and strengthen the private sector's ability to access carbon credit markets. In collaboration with Banco do Brasil, the project will adopt a sustainability-linked lending approach to help Brazil achieve its climate goals.

The expectation is to promote a reduction in emissions of up to 90 million tons of CO2 by 2030. The number is equivalent to around 4,5% of what Brazil needs to fulfill its commitments to zero carbon emissions.

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With the project, the Bank of Brazil will be able to present to customers, especially small and medium-sized businesses, packages that integrate financing and technical assistance to access the carbon markets. This is currently a difficult process for companiessystem. (UN News)

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