Brazil’s Securities Commission (CVM) has launched its Sustainable Finance Action Plan for 2025-2026, setting out 14 initiatives with defined objectives and delivery deadlines to structure the authority’s work on sustainability in Brazil’s capital markets, as provided for under the Sustainable Finance Policy published in January 2023. The plan is organised around three strategic fronts: adopting technology to support supervision and data processing, including building a structured database on sustainable thematic issuances; strengthening internal capability through staff training, including on international reporting standards such as IFRS S1 and S2; and mapping market maturity through exploratory research and thematic supervisions to identify gaps, good practices and areas for regulatory improvement. The 14 initiatives include thematic supervisory work on sustainability-related disclosures aligned with CBPS 01 and 02 (IFRS S1 and S2), integrated reporting (OCPC 9), value added statements and listed companies’ Reference Forms, as well as workstreams on blended finance guidance, studies linked to the Brazilian Sustainable Taxonomy, potential standard-setting for carbon credits in the capital markets, and contributions to the National Strategy to Combat Corruption and Money Laundering (ENCCLA). CVM also reported execution results for its 2023-2024 plan, with 14 of 17 initiatives fully delivered and three partially delivered, citing human resource constraints as a key challenge. It highlighted Resolution CVM 193 as an outcome of that cycle, enabling voluntary sustainability-related financial reporting by listed companies, investment funds and securitisation companies based on International Sustainability Standards Board (ISSB) standards IFRS S1 and S2.

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