This review concludes that there is scope for Brazil to work towards a stronger disclosure regime, such as that identified by the TCFD under its recommendations.

This would assist materially in ensuring climate risk mitigation in Brazil, facilitating better investment decisions and assisting with the maintenance of financial stability, as Brazil and its global trading partners seek to transition to a lower carbon economy. In particular, existing regulation would benefit from a greater recognition of the material financial risks to a company’s strategy (in the medium and long term) that may be posed by climate change, and integration of such risk analysis into general financial analysis and disclosure.

Practical actions for better climate disclosure in Brazil


  • The Federative Republic of Brazil should endorse the TCFD’s final recommendations, as should bodies such as the Brazilian Securities Exchange Commission and the Brazilian Superintendence of Complementary Pension Plan.

Stock exchanges

  • B3 should reference the TCFD’s recommendations in reporting guidance.


  • Brazilian companies should adopt the TCFD’s recommendations as a useful voluntary framework for consistent climate-related disclosures to investors. Sharing of good practice will assist in overcoming implementation hurdles, with convergence in reporting frameworks needed in the longer term.


  • Investors should encourage companies to adopt the TCFD’s recommendations. Investors should also evolve their disclosure to beneficiaries and clients, informed by the TCFD’s guidance for asset owners and managers.

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    TCFD Recommendations: Country reviews - Brazil

    June 2017

Produced in collaboration with Baker McKenzie

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TCFD Recommendations: Country reviews