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Brazil Sovereign Sustainable Bond: Financing a greener, more inclusive, and equitable economy

The World Bank provided technical assistance to the Federative Republic of Brazil to establish its sovereign sustainable bond program and pave the way for its inaugural $2 billion issuance. Brazil has set a nationally determined contribution (NDC) target for a 53 percent reduction in GHG emissions by 2030 in comparison with 2005, and carbon neutrality (net-zero) by 2050. In addition, the NDC aims to reduce vulnerability in terms of water, energy, food, social and environmental security, and enhance social benefits to ensure the climate resilience of the population and infrastructure. There are large costs associated with meeting Brazil’s NDCs: the most recent estimates place these costs at $1.4 trillion between 2016 and 2030, equivalent to $100 billion (or about 7 percent of GDP) per year. […]