Press Release - 2026 Allocation and Impact Report

Brazil completes full allocation of proceeds from three sovereign sustainable bond issuances

The Federal Government published today the 2026 Allocation and Impact Report (AIR 2026), consolidating the full allocation of an amount equivalent to the net proceeds raised through Brazil’s three sovereign sustainable bond issuances since 2023 (Global 2031, Global 2032, and Global 2033). The report reaffirms Brazil’s commitment to transparency, integrity, independent third-party verification, and rigorous adherence to international sustainable finance market best practices, in alignment with the principles of the International Capital Market Association (ICMA). Together, the three transactions raised US$5.5 billion in international markets, equivalent to R$28.3 billion in net proceeds.  

Of the R$28.3 billion in total net proceeds raised, R$17.0 billion were allocated to environmental expenditures and R$11.3 billion to social expenditures, maintaining, for each bond, the aggregate allocation of 60% and 40%, as summarized in Figure 1 below. As the full allocation of the Global 2031 had already been reported in the 2025 AIR, the present report focuses on the Global 2032 and the Global 2033. For the Global 2032, the publication completes the allocation of the remaining R$3.8 billion to environmental expenditures, thereby reaching 100% of its R$10.8 billion in net proceeds. For the Global 2033, the report presents the allocation of 100% of the R$7.8 billion raised, also completing the full reporting for this issuance. 

Figure 1 - Amounts Allocated by Sustainable Bond Issuance (R$ billion)

Source: Federal Government Integrated Financial Administration System (SIAFI) and BNDES 

For the Global 2032, the allocation in renewable energy (38.9%) and in poverty alleviation (36.0%) stand out. For the Global 2033, the leading categories are poverty alleviation (20.0%), terrestrial and aquatic biodiversity (17.5%), and renewable energy (15.8%). The report also covers budgetary programs and projects related to food security, universal access to basic sanitation, water resources management, climate adaptation, clean transportation, solid waste management and the circular economy, as well as initiatives aimed at protecting the rights of Indigenous Peoples and rural women. 

The impact assessment aligns budgetary results with the programs and targets of the 2024-2027 Multi-Year Plan (PPA) and with indicators related to projects financed through the National Fund on Climate Change (Climate Fund), operated by BNDES. In addition, the report highlights relevant programs and projects, including the Bolsa Verde Program, the Food Acquisition Program (PAA), and solar energy projects. 

Prepared by the Sovereign Sustainable Finance Committee (CFSS), led by the National Treasury Secretariat and with the collaboration of several government bodies, the 2026 AIR completes the allocation cycle for the first three transactions, with independent third-party verification. The publication of the 2026 AIR reinforces Brazil’s commitment to transparency and to the development of the sustainable bond market, while supporting the transition to a more inclusive and sustainable economy.