30 November 2026 | 09:30–12:30
FGV, Praia de Botafogo, 190, 12th Floor Auditorium, Rio de Janeiro, Brazil
CETEx in partnership with the Centre for Fiscal Policy and Public Budgeting (CPFO) at the Getulio Vargas Foundation (FGV) are co-hosting an event in Rio de Janeiro, bringing together experts from academia, policy and the financial sector to discuss Brazil’s fiscal outlook and the role of investment in supporting sustainable economic growth.
Brazil faces the challenge of restoring fiscal sustainability while increasing the investment needed for growth, resilience and the ecological transition. Rising public debt, persistent fiscal deficits, high real interest rates and budgetary rigidities have increased pressure on public finances, while substantial investment is needed in infrastructure, climate mitigation and adaptation, industrial transformation and other areas that can strengthen Brazil’s long-term economic prospects and climate resilience.
Against this backdrop, the event will explore how Brazil can strengthen fiscal credibility while protecting productive investment, improve its fiscal institutions and consider the longer-term implications of public investment for growth, climate resilience and fiscal sustainability.
The event will also mark the launch of a new CETEx report, Rethinking Fiscal Sustainability: An investment-led approach for the ecological transition, by Fernanda Gimenes, Senior Research Fellow at CETEx, Luiz Awazu Pereira da Silva, Visiting Professor in Practice at CETEx, and Manoel Carlos de Castro Pires, professor and research fellow at FGV. The report develops an adaptive fiscal policy framework for Brazil, arguing that fiscal sustainability and productive investment should not be treated as competing objectives.
It proposes combining credible fiscal adjustment with stronger fiscal institutions, better management of public assets and liabilities, protection of productive investment, and more strategic use of public resources to mobilise private capital. It also considers how instruments including the Climate Fund, Eco Invest Brazil, sovereign sustainable bonds and the Green Budget can contribute to an investment-led approach while maintaining fiscal credibility and managing risk.
The programme will conclude with a discussion of Brazil’s fiscal outlook for the next administration, bringing together perspectives from public finance, academia and the financial sector.
Who should attend?
The event will be particularly relevant to:
- policymakers and public officials working on fiscal, economic, climate and investment policy
- central banks, finance ministries and other public financial institutions
- financial sector professionals and investors
- development finance institutions
- researchers and academics working on fiscal policy, sustainable finance and economic development
- professionals interested in Brazil’s economic and ecological transition
Event programme
09:30–10:30 | Opening session: The agenda of the Centre for Fiscal Policy and Public Budgeting and fiscal reform
10:30–11:30 | Panel 1: Rethinking fiscal sustainability in Brazil: an investment-led framework
11:30–12:30 | Panel 2: Fiscal outlook for the next administration
Register to attend
The event will be taking place on Monday 30 November 2026 from 09:30–12:30 at FGV, Praia de Botafogo, 190, 12th Floor Auditorium, Rio de Janeiro, Brazil.
Registration details: Checkout – 3º Encontro do Centro de Política Fiscal e Orçamento Público (CPFO) do FGV IBRE
About the report
Rethinking Fiscal Sustainability in Brazil: An Investment-Led Framework for the Ecological Transition examines how Brazil can restore fiscal sustainability while mobilising the productive investment needed to support economic growth, climate resilience and the ecological transition.
The report proposes an adaptive fiscal policy framework that combines credible medium-term fiscal adjustment with stronger public financial management and more strategic investment. Rather than treating fiscal sustainability and investment as competing objectives, it argues for maintaining debt and deficit indicators at the centre of fiscal policy while taking greater account of public assets and liabilities, investment quality, fiscal risks and longer-term economic and climate outcomes.
The report identifies five priorities for policymakers:
- Establish a credible medium-term fiscal adjustment strategy through a debt-oriented fiscal framework, systematic spending reviews, stronger medium-term expenditure planning and reforms that improve the composition and effectiveness of public spending.
- Broaden the assessment of fiscal sustainability by complementing conventional debt and deficit indicators with more systematic information on public assets, liabilities and contingent fiscal risks, strengthening transparency and public balance-sheet management.
- Improve the prioritisation, financing and monitoring of productive climate investment through green budgeting, robust project appraisal, transparent eligibility criteria and stronger integration of climate priorities into medium-term fiscal planning.
- Strengthen the effectiveness of public financial instruments in mobilising private investment, building on initiatives such as the Climate Fund, Eco Invest Brazil and sovereign sustainable bonds, while improving coordination, evaluating additionality and investment outcomes, and managing fiscal costs and risks.
- Integrate climate and investment considerations into medium-term macro-fiscal planning, using conditional scenarios to assess how alternative investment strategies, productivity outcomes, climate risks and financing conditions could affect growth and public debt dynamics.
Drawing on Brazil’s existing fiscal and climate financing institutions, the report sets out a practical approach to strengthening fiscal credibility while creating the conditions for investment-led growth and ecological transformation.
The report will be published by CETEx and FGV in conjunction with the event.
Co-host
