Today is Monday, March 4, 2024.
Michael R. Bloomberg: “Brazil has a unique combination of resources and capabilities that position the country to help lead the global transition to cleaner energy and lower emissions – and as President of the G20 this year and President of the UN’s COP30 climate conference in 2025, Brazil now has an historic opportunity to show the world how fighting climate change, growing the economy, and spreading prosperity are all interconnected”.
Mark Carney: “Brazil’s historic commitments and its track record of innovation have made it a global climate leader. Now its renewed ambitions are creating the unique opportunity to accelerate strong, sustainable, and inclusive growth”.
These were phrases from last February 26, 2024 in São Paulo, Brazil, when both announced the public-private partnership between the Glasgow Financial Alliance for Net Zero (GFANZ) and the Brazilian Development Bank (BNDES), the so called Climate Transition Platform.
Launched in April 2021, before COP-26 in Glasgow, GFANZ brings together 675 financial institutions in 50 countries and specializes in mobilizing capital for climate transition.
According to the press release, the president of BNDES Aloizio Mercadante sees this new partnership between GFANZ and BNDES a new opportunities of international investments that "accelerate Brazil’s green reindustrialization”.
In addition to the Climate Transition Platform, Brazil will also host the first GFANZ Country Chapter in Latin America and Caribbean (LAC). "The Chapter will convene locally-based financial actors to raise awareness, ambition, and collaboration on climate finance and issues particularly relevant to Brazilian financial institutions". Joaquim Levy, currently Director of Economic Strategy and Market Relations at Banco Safra and former Finance Minister of Brazil and current Vice Chair of the GFANZ LAC Network Advisory Board will lead the Chapter. He will be advised by Denise Pavarina, an independent Board Member of Banco Bradesco.
Both UN Special Envoys, Mr. Bloomberg focuses on Climate Ambition and Solutions, while and Mr. Carney on Climate Action and Finance. They are also GFANZ Co-Chairs. Mr. Bloomberg is also the majority owner and co-founder of Bloomberg L.P. and served as the mayor of New York City for three terms. Mr. Carney is also head of impact investing at Brookfield Asset Management, chairman of Bloomberg Inc. (parent company of Bloomberg L.P.) and in the past has been chair of the Financial Stability Board and the governor both of the Bank of Canada and the Bank of England.
To know more about this Climate Transition Platform and the GFANZ Brazil Chapter, click at the image below for GFANZ press release. And here for BNDES post.
Last but not least, we mentioned this initiative in a LinkedIn post from during the 1st. Brazilian ClimateFinance Forum last week. It included a special message from Mark Carney about the Brazilian Carbon Credits. Recall here.
It was Mask Carney that initiated of The Taskforce on Scaling Voluntary Carbon Markets (TSVCM), a private sector-led initiative working to scale an effective and efficient voluntary carbon market to help meet the goals of the Paris Agreement. According to their website - hosted by the Institute of International Finance (IIF) - "TSVCM’s over 250 member institutions, represent buyers and sellers of carbon credits, standard setters, the financial sector, market infrastructure providers, civil society, international organizations and academics. An advisory board of 20 environmental NGOs, investor alliances, academics and international organizations provide guidance on TSVCM recommendations".
