BNDES and Petrobras partnership marks a new phase for Brazil’s carbon market, but its success will depend on legal certainty, governance, and transparency
Last week, Brazil took a promising step toward a green economy. The announcement of the Proofless+ program, the result of a memorandum of understanding between BNDES and Petrobras, signals a significant advancement: promoting the restoration of up to 50,000 hectares of degraded land in the Amazon through the generation and contracting of carbon credits.
From both technical and environmental standpoints, this is an unprecedented and ambitious initiative. However, like any large-scale innovation, the program also presents legal, regulatory, and operational challenges.
The proposal to directly link public financing, through instruments such as the Fundo Clima (Climate Fund), to the creation of a structured forest restoration market, with guaranteed credit purchases by Petrobras, has the merit of aligning environmental, economic, and social interests.
According to a statement from the Federal Government’s Secretariat for Social Communication[1], it is estimated that, in the initial phase alone, carbon credit contracting will result in over BRL 450 million in investments and the creation of 4,500 jobs. It is a concrete promise of sustainable development in the Amazon region, which has historically faced structural deficits.
Even more relevant is the stated effort to ensure contract integrity, traceability, and transparency by establishing public pricing standards and technical criteria. In a global market where the credibility of carbon credits has been increasingly questioned, the creation of a Brazilian reference framework may represent a competitive advantage for the country and a regulatory milestone for the sector.
However, the success of ProFloresta+ will depend on three fundamental pillars: legal certainty, strong governance, and regulatory coordination.
First, it is essential to establish a stable and coherent legal framework that offers security to both investors and the communities involved. The absence of specific federal regulation on the voluntary carbon market still creates legal uncertainty. Therefore, the progress of Bill No. 2,148/15, which addresses the regulated carbon market, is essential to provide predictability to initiatives like this.
Second, the governance of restoration projects must be clear and inclusive. The effective involvement of local communities and traditional peoples is essential. Their knowledge, needs, and rights must be integrated into decision-making processes and benefit-sharing mechanisms, under the risk of repeating historical patterns of exclusion in environmental policies.
Finally, coordination among different levels of government, the private sector, and civil society will be crucial to consolidate an environmental regulatory framework that values nature-based solutions, such as those promoted by the Nature Investment Lab (NIL) – an initiative created to foster nature-based solutions by developing replicable business models and supporting innovative financial structures for projects in Brazil.
Technical monitoring, independent auditing, and effective oversight of contracted projects are not just best practices – they are requirements to ensure that the model is scalable and replicable.
ProFloresta+ marks a new phase in addressing climate change, anchored in economic instruments and an integrated vision of sustainability. But its legacy will depend on the institutional capacity of the country to turn promises into results.
The restoration of the Amazon and the strengthening of the carbon market are not only desirable goals, but also strategic imperatives for Brazil. The outlook is promising, but it demands coordinated action, regulatory stability, and long-term commitment. This is a moment to sow sustainable solutions on solid ground. And Brazil now has the opportunity and the responsibility to lead this movement.
[1] https://www.gov.br/secom/pt-br/assuntos/noticias/2025/03/profloresta-parceria-entre-bndes-e-petrobras-impulsiona-restauracao-de-50-mil-hectares-na-amazonia
Available in: https://esginside.com.br/2025/07/24/creditos-de-carbono-e-restauracao-na-amazonia-inovacao-traz-desafios/
Autor: Fernanda Regina Negro de Oliveira • email: fernanda.oliveira@ernestoborges.com.br
