Brazil’s Central Bank Opens Consultation to Mandate Standardized ESG Disclosures

Overview

• The consultation runs through 13 February 2026, with a final norm targeted for the first half of 2026.
• Requirements would shift the GRSAC from narrative reporting to comparable quantitative and qualitative tables covering climate scenario analysis, transition plans, and exposures to transition and physical risks.
• The new format takes effect in January 2027, with the first public reports from larger institutions published in 2028 using a December 2027 reference date.
• Institutions in segment S3 gain an extended timeline to 31 December 2028, S4 expands disclosures to include stated social, environmental or climate commitments, and S5 remains exempt.
• The proposal aligns with TCFD recommendations and Basel Committee Pillar 3 guidance and complements IFRS, with officials saying greater comparability could reduce information asymmetry and indirectly improve funding access.