Carbon, decarbonization and the green economy: where the public money is

Public credit for decarbonization

• Fundo Clima: a BNDES program with six modalities, including Green Industry (industrial decarbonization, critical minerals, batteries, CCUS and circular economy) and Energy Transition - see the Fundo Clima page (in Portuguese).
• BNDES Finame - Low Carbon: financing for the acquisition and sale of systems, machinery and equipment with higher energy-efficiency ratings or that contribute to reducing greenhouse gas emissions. All products must be new, Brazilian-made and accredited in the Finame Accreditation (CFI) of the BNDES System.
• BNDES Finem - Environment - Energy Efficiency: support for projects that reduce energy consumption in buildings, production processes, power plants, power grids and public lighting, and/or increase the efficiency of the national energy system (sugar-energy sector excluded).
• BNDES Finem - Environment - Environmental Liabilities Recovery: financing for projects that recover degraded, mined or contaminated areas.
• The other BNDES environment lines (climate adaptation, ecosystem recovery, low-carbon buses and trucks) are in the full BNDES Navigator sweep (page in Portuguese).

Non-refundable funds - a nature distinct from credit

• BNDES Ecological Restoration: non-refundable support for restoration projects of Brazilian biomes (except the Amazon biome).
• Amazon Fund - Environment Support: non-refundable financing for actions to prevent, monitor and fight deforestation, and to promote conservation and sustainable use of the Legal Amazon forests.

Tax incentives and sector policies

• Lei do Bem: R&D of environmental technologies may be eligible for incentives for companies under the Real Profit regime - requirements on the Lei do Bem page (in Portuguese).
• REHIDRO and PHBC: a special incentives regime and the National Low-Carbon Hydrogen Policy, created by Law No. 14,948/2024 and regulated by Decree No. 13,096/2026 - own enrollment and requirements.
• FGEnergia: a federal guarantee at no cost until December 2027 for power-sector financing, including transition projects - see the FGEnergia page (in Portuguese).

Carbon market - a regulatory regime, not credit

• SBCE: the Brazilian Emissions Trading System (Law No. 15,042/2024) is the country's regulated carbon market - a regulatory regime, not a credit fund. Projects may generate carbon assets, but generation and trading depend on methodologies, certification and the system's rules.

Who usually qualifies

• Carbon consultancies and emissions-inventory companies;
• Developers of carbon-credit and restoration projects;
• Reforestation and degraded-area recovery companies;
• Carbon capture (CCUS), biogas, biomethane and sustainable-fuel projects;
• Low-emission hydrogen, industrial recycling and industrial energy efficiency.

Sources

BNDES Financing Navigator and the Fundo Clima page at BNDES; Law No. 14,948/2024 and Decree No. 13,096/2026 (Planalto); Law No. 15,042/2024 (Planalto) - all checked on February 11, 2026. Final conditions depend on each instrument's rules and on credit analysis.