By Brazil Stock Guide – Brazil’s National Development Bank (BNDES) on Monday launched its “Climate Call,” a public tender allocating up to R$5 billion ($930 million) to structured investment funds targeting industrial decarbonization, renewable energy, sustainable agriculture and forest conservation. The program is expected to crowd in about R$13 billion ($2.4 billion) in private capital, bringing total investments to R$18 billion ($3.3 billion).
The call will select as many as five equity funds, receiving up to R$4 billion, and two credit funds worth R$1 billion. For equity vehicles, BNDESPAR may commit up to 25% of capital, with quotas of as much as R$1 billion for ecological transition projects and R$500 million for nature-based solutions. In credit funds, the bank may take up to 50% of committed capital, capped at R$500 million per fund.
This is the largest public tender for funds in BNDES’s history. Proposals are due by October 20, with results to be announced in January 2026. Foreign investors are eligible to participate.
‘Anchor investor’
“This is the largest public call for funds in BNDES’s history and it has the potential to transform the institution’s portfolio. By focusing on climate mitigation, it reinforces the historic commitment of the Bank and President Lula’s government to environmental sustainability. With this initiative, the Bank positions itself as an anchor investor, inducing private participation in strategic sectors for sustainable development, the climate agenda and improved quality of life for Brazilians, while also contributing to the development of the domestic capital market,” Aloizio Mercadante, BNDES president, said in a statement.
What’s at stake
The program marks BNDESPAR’s return to equity markets after years of retrenchment. Acting as an anchor investor, the bank aims to reduce risks and crowd in private resources for green sectors. The strategy is designed to broaden access to long-term finance, strengthen capital markets and push Brazil further into the global green-finance arena.
Companies tied to reforestation, agroforestry, renewable energy and sustainable farming technology stand to gain most. High-emission industries, in contrast, may face growing market and regulatory pressure to adapt.
BNDES currently has about R$8.4 billion committed to equity and credit funds, mobilizing around R$36 billion from other investors. The new program amplifies this leverage model, with potential to triple outside commitments. For the bank, the call consolidates its role as a climate finance catalyst and bolsters Brazil’s positioning in the global green transition. global green transition.
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