Sustainable finance and real estate

Changing how credit committees read a certified building

Brazilian real estate credit prices the borrower and ignores the building. Certified assets appear to perform differently on the variables a credit committee actually uses, DSCR, NOI, recovery under stress and valuation, but the audited evidence to price that difference has never been produced. We produce it, with the banks and developers who will use it, under Brazil’s own prudential framework. European interoperability follows from that base; it is not the starting point.

• Audited, asset-level evidence on certified buildings as credit: DSCR, NOI, recovery under stress, valuation
• Integration into risk models under CMN 4.557 (expected loss) and CMN 4.945 (climate responsibility), and into GRSAC reporting
• Green CRIs and structured instruments priced on that evidence
• Interoperability with the Taxonomia Sustentável Brasileira and the EU Taxonomy, for markets without EPCs
• SFDR Article 9 and Global Gateway positioning for European capital, once the Brazilian evidence base exists
• Replication of the methodology across Latin America

EU–Brazil trade and regulatory policy

Reading three European instruments that were not written to read each other

The EU–Mercosur interim trade agreement has been provisionally applied since May 2026. Its definitive entry into force still requires the consent of the European Parliament, which will vote only after the Court of Justice has delivered the opinion Parliament requested in January 2026. CBAM entered its definitive phase in January 2026 and the EUDR applies to medium and large operators from 30 December 2026, all in the same window.

We read Brussels for Brazilian agriculture: what the agreement and the two regulations will require of an exporter and its European buyer, when, which parts are still moving through reviews and votes, and how the politics around each is likely to shift the answer.