Brazil’s state development bank BNDES has announced its largest-ever public call for climate-focused investment funds, committing 5 billion reais ($920 million) in seed capital to mobilise a total of 18 billion reais ($3.32 billion) in green investments.
The programme positions BNDES as a key anchor investor in Brazil’s transition to a low-carbon economy, aligning with President Luiz Inácio Lula da Silva’s strategy to boost the country’s standing on the global sustainability agenda.
BNDES’s injection of 5 billion reais is expected to leverage around 13 billion reais in private capital. Up to five equity funds will receive as much as 4 billion reais, while two credit funds will share 1 billion reais. The bank’s participation will be capped at 25% in equity funds and 50% in credit funds.
The funds will support projects in industrial decarbonisation, energy transition, green agriculture, ecosystem restoration and forest conservation. The initiative also seeks to deepen Brazil’s capital markets while accelerating investment in the country’s green economy.
Proposals will be accepted until 20 October 2025, with results expected by January 2026. The call is open to both domestic and international investors. Market soundings ahead of the launch reportedly involved major global firms including TPG, Brookfield and BlackRock.
