By Brazil Stock Guide – Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), unveiled on Wednesday, August 27, its 2025-2026 Sustainable Finance Action Plan (PAFS 25-26), setting out 14 initiatives to strengthen supervision, enhance transparency, and regulate the capital markets. The program builds on the Sustainable Finance Policy introduced in 2023 and underscores Brazil’s bid to align with international best practices.
Priorities include adapting the market to the ISSB sustainability disclosure standards (IFRS S1 and S2), creating a structured database for thematic issuances, advancing regulation of Brazil’s emerging carbon market, and expanding staff training. The plan also calls for quantitative surveys and thematic oversight to gauge market maturity and guide future regulatory adjustments.
“The 2025-2026 Action Plan consolidates, in a clear and structured way, the CVM’s main initiatives on the sustainability agenda. It was designed with a focus on supervision, data management, and stronger capital markets regulation,” said Nathalie Vidual, head of Investor Guidance and Sustainable Finance at CVM.
The plan follows the 2023-2024 cycle, in which 82% of the 17 targets were delivered, including the adoption of Resolution CVM 193, which allowed listed companies and funds to voluntarily report sustainability-related financial disclosures under ISSB standards.
The 14 new initiatives include oversight of integrated reports, audits of companies’ Value Added Statements, monitoring of reference forms, guidance on blended finance, and regulatory studies linked to the Brazilian Sustainable Taxonomy and the national carbon trading system created by Law 15.042 of 2024. CVM will also expand cooperation with the National Strategy for Combating Corruption and Money Laundering (ENCCLA).
By combining regulation, technology, and training, CVM aims to bolster confidence in ESG data, attract sustainable investment, and curb greenwashing risks. The new agenda directly impacts listed companies, institutional investors, and auditors, while strengthening Brazil’s positioning as a global leader in sustainable finance.