CETEx in Brazil: exploring pathways for investment-led growth in the ecological transition
CETEx recently visited Rio de Janeiro for a series of high-level engagements with policymakers, financial institutions, academics and civil society leaders focused on Brazil’s ecological transition, climate and development policy, and sustainable economic transformation.
The CETEx delegation comprised Rob Patalano, Executive Director; Luiz Awazu Pereira da Silva, Visiting Professor; Fernanda Gimenes, Senior Research Lead on Private Capital Mobilisation; and Elena Almeida, Head of Nature. The delegation visited Rio de Janeiro to discuss the forthcoming report Brazil’s Investment-led Growth in the Ecological Transition and deepen engagement with key Brazilian institutions.
The programme centred on three main engagements: a policy roundtable hosted by the Brazilian Center for International Relations (CEBRI) and the Institute for Climate and Society (iCS), discussions with the Brazilian Development Bank (BNDES), and a meeting with Fundação Getulio Vargas (FGV).
Gathering feedback through policy dialogue at CEBRI
A key engagement during the visit was a roundtable discussion hosted by CEBRI and the iCS, and chaired by former Minister of Environment Izabella Teixeira. The event convened senior representatives from government, finance, academia, philanthropy, civil society and the private sector to discuss the preliminary findings of Brazil’s Investment-led Growth in the Ecological Transition, a forthcoming report jointly developed by CETEx and iCS, and to explore opportunities and challenges associated with advancing Brazil’s ecological transition.
Among the participants was Ambassador André Corrêa do Lago, President of COP30, alongside representatives from Brazil’s Ministry of Finance, financial institutions, leading private sector organisations, and research and policy institutions. The discussion provided valuable feedback on the report’s analysis and recommendations, and generated a broader conversation about how Brazil can build on the momentum of recent climate and development initiatives to leverage the ecological transition as a driver of investment, productivity and long term economic growth.
Several themes emerged throughout the discussion. Participants highlighted the importance of moving from strategy to implementation, ensuring that policy frameworks are capable of translating Brazil’s considerable natural advantages into concrete investment opportunities. There was also strong emphasis on the role of public-private coordination, development and blended finance, and risk-sharing mechanisms in mobilising private capital at scale.
Engaging with BNDES on sustainable investment and development finance
The CETEx delegation also met with senior leadership at BNDES, including Nelson Barbosa, Director of Planning and Institutional Relations and former Minister of Finance, alongside colleagues from the bank’s economic planning and sustainability teams.
The meeting provided an opportunity to present key findings from the report and exchange views on the policy and financial instruments needed to unlock large scale investment in sustainable infrastructure, industrial transformation and climate-aligned development.
Strengthening institutional collaboration with FGV
The visit concluded with discussions at Fundação Getulio Vargas (FGV), one of Brazil’s leading research and academic institutions. The meeting focused on strengthening the existing collaboration between CETEx and FGV and exploring opportunities for future joint work on fiscal policy, sustainable development and economic transformation.
The conversation reinforced shared interests in developing evidence-based approaches to economic policy that can support development objectives and climate goals. It also highlighted the value of international research collaboration in addressing the challenges associated with financing and implementing the ecological transition.
Looking ahead
Across all engagements, a common theme emerged: Brazil possesses exceptional structural advantages for the ecological transition, including abundant renewable energy resources, a globally significant natural capital base, a strong agricultural sector and growing opportunities in bioeconomy and critical minerals. However, translating these advantages into investment, productivity growth and long term competitiveness remains the central challenge.
Discussions repeatedly highlighted the importance of moving from strategy to implementation. Participants emphasised the need to strengthen project pipelines, mobilise private capital at scale, and ensure that policy frameworks can support investment and maintain macroeconomic stability. Particular attention was given to the role of development finance institutions, de-risking mechanisms and public-private coordination in unlocking investment opportunities.
The visit took place at a particularly important moment for Brazil’s ecological transition agenda. Following the international momentum generated by COP30 and the continued implementation of the Ecological Transformation Plan, attention is increasingly shifting towards delivery: how to translate ambitious strategies into investment, productive transformation and long term economic development.
Insights gathered during the visit will help inform the finalisation of CETEx’s forthcoming report, Brazil’s Investment-led Growth in the Ecological Transition, while strengthening CETEx’s collaboration with leading Brazilian institutions and stakeholders working at the intersection of climate, finance and development.