The Sustainability Journey of BNDES

Analysis and proposals for improving the brazilian development bank’s environmental and social performance

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Sponsored by the Mott Foundation, the publication analyzes the social and environmental management practices of BNDES and gives recommendations for the bank to develop practices in line with the requirements of CMN Resolution 4.327/14 and international best practices of development banks.


"BNDES is one of the largest development banks in the world and one of the largest institutional investors in Brazil. When the bank advances its social and environmental management, this has a direct impact on society as a whole, and also signals to the market the need for social and environmental criteria in investment decisions". Guilherme Teixeira, Sustainable Finance Consultant and author of the publication.

The integration of environmental and social (E&S) issues into the investment decision-making processes of financial institutions (FIs) constitutes their commitment to ensure that the activities they support do not violate human rights or damage the environment. Concern about these impacts is particularly relevant for development finance institutions, whose mission is the sustainable development of the regions where they operate.

From this perspective, we analyzed the current state of environmental and social risk management of the Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social - BNDES), to address possibilities for improvement and provide civil society with insights for engaging with the bank on these potential improvements. 


SITAWI Finance for Good is a pioneer organization in the development of financial solutions for social impact and in the analysis of the social and environmental performance of companies and financial institutions. Founded in 2008, SITAWI has offices in Rio de Janeiro and São Paulo. Find out more

"A world where capital is cheaper, more abundant and more patient for organizations and businesses creating positive social and environmental impact."