Análise propositiva do processo de emissão de títulos verdes para financiamento do agronegócio no Brasil - CRA Verde

Resumo

Researches indicate that financial resources must be mobilized for the transition to a low carbon and climate resilient economy. In 2007, Green Bonds emerged as one of the main financial instruments available with the potential to mobilize investments in activities and projects with positive environmental additionalities. Except for the fact that “green” attributes are incorporated to the Green Bonds and due to this fact some additional procedures and disclosure are required in order to maintain transparency to investors about the use of resources and about “green” benefits, the process of issuing Green Bonds is similar to the process of issuance of traditional bonds, since they are subject to the same regulations and general requirements relating, for example, to the legal framework, corresponding documentation and financial disclosure. The purpose of this study is to present the process of issuing Green Bonds and to identify potential bottlenecks, limitations and uncertainties in the process of issuance of Green CRA for financing sustainable agribusiness in Brazil. The study was based on research on the main discussions on the theme, on the case study of the issuance by Suzano Papel e Celulose S.A. of a Green CRA and on the simulation of the application of the Green Bonds issuance process to a Traditional CRA issuance also issued by Suzano. It was observed that, despite the growth of the Green Bond market since its creation, the positive market outlook for the issuance of CRA Verde, the countless efforts made to its development and the benefits that its issuance can provide, because it is still an emerging market, there is a substantial number of limitations and important issues that must be defined, standardized and established, especially with regard to its “green” credentials. Exploring these challenges and implementing improvements to the current process is essential to provide guidance to issuers and external reviewers and ensure transparency for investors.

Ficha do documento

Tipo

Dissertação

Ano

2020

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/28998

Temas

EconomiaGovernançaMeio Ambiente

Palavras-chave

Green bondsGreen CRALow carbon economySustainable agribusinessTítulos verdesCRA VerdeEconomia de baixo carbonoAgronegócio sustentávelEconomiaEconomia agrícolaEconomia ambientalCertificados e licençasSustentabilidade