UM PANORAMA PELAS PRÁTICAS ESG SOB A ÓTICA DO MERCADO DE CAPITAIS E DO PLANO DE AÇÃO DE FINANÇAS SUSTENTÁVEIS DA CVM

Abstract

In recent years, the ESG pillars (environmental, social and governance) have gained prominence as fundamental benchmarks for evaluating a company's performance, influenced by a cultural and social change in which consumers and investors are demanding greater transparency and responsibility in relation to these practices. In this way, a brief approach will be made to the ESG pillars and the importance of debt securities linked to projects with socio-environmental benefits, in order to demonstrate the real possibility of coexistence between investment in sustainable practices and reputational and economic performance improvement. The challenges involved in trying to establish parameters and a standard for classifying such securities (Taxonomy) will also be addressed, as well as an analysis of the main CVM Resolutions currently in force which contain regulatory provisions on sustainable finance. In the context of the Sustainable Finance Policy presented by the CVM, which aims to improve and encourage the creation of specific rules and guidelines on sustainable finance, we will discuss some of the initiatives disclosed in its Action Plan that have already been or are currently being promoted, such as: (i) Issue of Guidance on decarbonization credits (CPC Guidance 10); (ii) endorsement of international standards (IFRS S1 and IFRS S2), (iii) Issue of specific FIAGRO regulations (CVM Resolution 214/24); (iv) Integration of ESG factors into suitability procedures; (v) Promoting actions aimed at Financial Education on sustainable finance, including the protection of women investors; (vi) Research to gather data on the evolution of sustainable finance in Brazil; (vii) Training civil servants on sustainable finance; (viii) Sustainable Finance page on the CVM's official website. These initiatives reinforce CVM's commitment to a competitive and sustainable financial market, in line with global practices and the growing demand for socio-environmental responsibility, which contribute to improving and raising awareness of ESG practices in the market.