Sovereign Sustainable Finance Committee (CFSS)

Brazil's sustainable development agenda mobilizes various actors and federal agencies. Recognizing this fact, the Federal Government established the Sovereign Sustainable Finance Committee (CFSS in Portuguese), a permanent collegiate body established in May 2023 by Decree No. 11,532/2023. Its main objective is to plan, implement, and monitor Brazil’s Sovereign Sustainable Bond Framework, as well as sustainable public bond issuances.

The CFSS is composed of the Secretary of the National Treasury of the Ministry of Finance, who presides over it, and representatives from the following agencies:

• Ministry of Agriculture and Livestock;
• Ministry of Science, Technology, and Innovation;
• Ministry of Integration and Regional Development;
• Ministry of Mines and Energy;
• Ministry of Agrarian Development and Family Farming;
• Ministry of Social Development and Fight Against Hunger;
• Ministry of Development, Industry, Trade, and Services;
• Office of Economic Policy, the Ministry of Finance;
• Ministry of Environment and Climate Change;
• Federal Budget Secretariat, Ministry of Planning and Budget.

The CFSS has the following responsibilities:

I - Develop the framework for the issuance of Sustainable Sovereign Public Debt Bonds;

II - Identify projects and budget programs that meet the eligibility criteria established in the Framework;

III - Identify exclusion criteria, as well as other processes implemented to determine and manage environmental and/or social risks associated with projects, programs, assets, and/or investments;

IV - Monitor the implementation of the Framework; and

V - Prepare allocation reports, impact reports, and other documents resulting from the issuance of Sustainable Sovereign Public Debt Bonds outlined in this Framework.

The CFSS approved the the Brazilian Framework for Sustainable Bonds on August 23, 2023.

Minutes (Only in Portuguese):

• Minute 1st Meeting CFSS - 06/22/2023
• Minute 2nd Meeting CFSS 07/06/2023
• Minute 3rd Meeting CFSS 08/24/2023
• Minute 4th Meeting CFSS 10/04/2023
• Minute 5th Meeting CFSS 02/27/2024
• Minute 6th Meeting CFSS 05/21/2024
• Minute 7th Meeting CFSS 09/25/2024

Resolution (Only in Portuguese) :

• Resolution CFSS MF Nº 1 of June, 30, 2023

Ordinance (Only in Portuguese):

• Ordinance STN/MF Nº 1.110, of May, 21, 2025
• Ordinance STN/MF Nº 1487, of July, 9, 2025

For more information:

• Decree No. 11,532/2023
• Presse release: "Presidential Decree Establishes Sovereign Sustainable Finance Committee"

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