Glasgow Financial Alliance for Net Zero is partnering with Brazil to boost funding for clean energy and nature restoration efforts in that country. The pact comes as Brazil prepares to host the G20 conference of world leaders this year, and the U.N. global climate conference COP30 next year.
GFANZ, a global coalition of asset managers, banks and insurance firms working to mobilize public and private financing of such efforts, said in a statement Feb. 26 that partnering with Brazilian development bank BNDES to develop a cross-sector capital-mobilization platform will support the country's ambitious green growth agenda set in an ecological transformation plan.
The platform, to be designed and led by Brazil, will develop new financing solutions to generate sustainable jobs, scale investment in low-carbon technologies, and develop sustainable economies that protect nature and biodiversity, GFANZ said.
It described BNDES as the biggest investor in climate transition infrastructure in Brazil and one of the largest renewable investors in the world. GFANZ's network includes more than 675 international financial institutions committed to achieving net zero by 2050 and represents 40% of global private financial assets.
The agreement also calls for Brazil to host the first GFANZ country chapter in Latin America and the Caribbean.
Brazil is in a good position to ramp up green-energy solutions, with renewables meeting almost 45% of primary energy demand and around 90% of the electricity mix plus abundant natural resources, according to GFANZ. Michael Bloomberg and Mark Carney, GFANZ co-chairmen who also serve as special envoys to the U.N. on climate solutions and finance, said in the statement that Brazil has a historic opportunity to connect economic growth and fighting climate change.
