O papel do funding sustentável para o desenvolvimento: o caso do Novo BNDES

Abstract

In the past decade, public national development banks have taken on a new leading economic role by incorporating social and environmental policies, while using sustainability linked funding sources. This Working Paper analyzes the strategy of capital source diversification adopted by the “New BNDES” within these international trends. We show that sustainability funding – through policy funds and external borrowings aimed at social and environmental goals – has emerged as the most promising solution so far to the challenge of expanding financial resources for development. This solution aligns with the international trend of state-led promotion of the ecological transition, while enabling sectoral policies that integrate social, environmental, and industrial goals.