Finanças sustentáveis no fomento da habitação social

Resumo

The research investigates the use of labeled corporate debt as a financing mechanism for affordable housing in Brazil, analyzing its interaction with the institutional framework of the Housing Finance System (Sistema Financeiro da Habitação - SFH) and the Real Estate Financing System (Sistema de Financiamento Imobiliário - SFI). The study is situated within the context of sustainable finance and the growth of ESG (Environmental, Social, and Governance) labeled bonds, examining how these instruments and their labels have been leveraged to raise funds in the capital market. Through an empirical approach based on document analysis of labeled debt issuances and interviews with sector agents, the research describes the structure and operation of these financial instruments, identifying the form of housing provision, the adherence of the issuances to sustainable finance principles and traditional regulation, as well as their benefits and potential impacts on Brazilian housing policy. The findings indicate that these issuances finance multiple forms of housing provision, exhibiting varying degrees of alignment with international taxonomies—sometimes convergent, sometimes divergent. Additionally, the study identifies multiple reasons why issuers have chosen to label their debt, highlighting the lack of a consolidated standard in the market. Furthermore, a trend of financialization in the housing sector is observed, in which private debt becomes the sole means of housing provision.

Ficha do documento

Tipo

Dissertação

Ano

2025

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/36829

Temas

Planejamento UrbanoGovernança

Palavras-chave

Finanças sustentáveisHabitação socialDívidas rotuladasESGFinanceirizaçãoSustainable financeSocial housingLabeled debtFinancializationDireitoHabitação popular - Brasil - FinançasHabitação - Financiamento - BrasilInvestimentos - Aspectos sociaisDesenvolvimento sustentável