Finanças sustentáveisuma análise comparativa da taxonomia da União Europeia e da taxonomia sustentável brasileira

Resumo

Sustainable taxonomies have become central instruments in sustainable finance by establishing criteria to identify environmentally and socially sustainable economic activities. By coordinating public policies, financial regulation, and private investment decisions, they guide capital allocation toward sustainable economic activities. In the Brazilian context, the Brazilian Sustainable Taxonomy seeks to align the financial system with national climate and development goals, incorporating environmental and socioeconomic dimensions of just transition. The initiative adapts international frameworks to the country's productive and regulatory specificities. In this scenario, it becomes relevant to examine the extent of convergence between the Brazilian Sustainable Taxonomy and established international models. With this objective, this study compares the European Union Taxonomy and the Brazilian Sustainable Taxonomy, identifying convergences and divergences regarding classification criteria, scope of objectives, and regulatory rationale, as well as analyzing how these differences may affect the direction of sustainable investments in Brazil. The study adopts a qualitative and comparative methodology, based on documentary analysis of regulatory frameworks and institutional documents, complemented by semi-structured interviews with stakeholders involved in the formulation of the Brazilian Sustainable Taxonomy. The results indicate that, although they share common methodological principles — such as cumulative eligibility logic, use of official economic classifications, and greenwashing mitigation —, the taxonomies present relevant differences. The European Union Taxonomy is characterized by a predominantly environmental focus, high technical granularity, and strong integration with mandatory reporting regimes, while the Brazilian Sustainable Taxonomy incorporates socioeconomic objectives into its classification core and adopts a design oriented toward operational feasibility and just transition. The analysis highlights challenges related to binary models, data availability, governance arrangements, and implementation costs. The study contributes to the academic and regulatory debate by analyzing how these divergences influence regulatory rationale and the direction of sustainable investments in Brazil, providing inputs for discussions on harmonization and interoperability across jurisdictions.

Ficha do documento

Tipo

Dissertação

Ano

2026

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/38646

Temas

EconomiaPolíticas PúblicasDesenvolvimento EconômicoGovernança

Palavras-chave

Finanças sustentáveisTaxonomias sustentáveisTaxonomia da União EuropeiaTaxonomia Sustentável BrasileiraInteroperabilidadeGovernança regulatóriaGreenwashingSustainable financeSustainable taxonomiesEuropean Union TaxonomyBrazilian Sustainable TaxonomyInteroperabilityRegulatory governanceAdministração de empresasFinanças - Aspectos ambientaisDesenvolvimento sustentável - BrasilOrganização da informaçãoEmpresas - Aspectos ambientaisPoder regulamentarODS 1: Erradicação da pobrezaODS 2: Fome zero e agricultura sustentávelODS 5: Igualdade de gêneroODS 8: Trabalho decente e crescimento econômico