Participations and investments

BNDES's capital market initiatives play a catalytic role in mobilizing private resources for sustainable investments, through financial alternatives such as direct equity participations, co-investments, and structured funds focused on bioeconomy, restoration, and sustainable use of native forests. By acting as an anchor investor and structuring agent, the Bank contributes to reducing risks, improving governance, and attracting institutional capital for theses related to the green economy, encouraging low-carbon production chains, biodiversity-based innovation, and business models that reconcile income generation, environmental conservation, and intelligent exploitation of forest assets, expanding the scale and impact of solutions aligned with sustainable development.

In this context, the green agenda was defined as a priority guideline in the BNDES’s strategy to operate in variable income, both in direct investments and through investment funds. A concrete example is the Climate Call (Chamada de Clima), an initiative through which BNDESPAR will be able to invest up to BRL 1 billion in funds directed towards the implementation of large-scale forest restoration and conservation projects in priority biomes. This initiative has the potential to leverage approximately BRL 3 billion in private resources, mobilising up to BRL 4 billion in investments for projects focused on the restoration, conservation, and sustainable use of natural resources.

In addition to the Climate Call, the Bank approved in November 2025 an investment of BRL 300 million in the BTG Pactual reforestation fund, managed by the Timberland Investment Group, a subsidiary of the bank and one of the largest and oldest organisations managing investments in forest assets in the world. The fund foresees a total mobilisation of approximately BRL 1.9 billion to be allocated to the planting and conservation of native forests, of which approximately BRL 1.6 billion corresponds to private resources.

Together, the Climate Call and the operation with BTG Pactual mobilise approximately BRL 5.9 billion in investments aimed at forest restoration and conservation, with BRL 1.3 billion in resources from the BNDES and BRL 4.6 billion in private capital. With these initiatives, the BNDES Forests strategy reaches BRL 14.1 billion mobilised for restoration, bioeconomy, conservation, and green infrastructure projects throughout the country.