Thread by @gabrielmantelli

#climatelitigation #GlobalSouth 👇🏼🧶
Conectas Direitos Humanos, a Brazilian NGO, filed a civil climate action against BNDES (Brazil's Development Bank) and BNDESPar, the bank's investment arm responsible for managing its shareholdings in Brazilian companies held by the bank.

This is the world's climate litigation case against a national development bank!

Although BNDESPar, which is publicly owned, follows an Environmental and Social Policy for Operating in Capital Markets, which bans support for companies with a track record of environmental crimes and modern-day slavery, this policy does not include climate criteria.

The company also does not report the carbon emissions associated with its investment portfolio and still maintains equity positions in sectors that are among the most carbon-intensive in the Brazilian economy.

The lack of rules or protocols for assessing the impacts of its investments on the climate crisis are in violation of the Brazil's commitments under the Paris Agreement and the country’s own PNMC (National Policy on Climate Change), among other provisions.

Based on two technical opinions, Conectas asks the court to require BNDES to be given 90 days to adopt transparency measures and present a plan with mechanisms to commit their investments and divestments to the reduction of greenhouse gas emissions by the companies they finance.

Case filed by NGO Conectas (@conectas) requests a plan to reduce greenhouse gas emissions in shareholdings of BNDES investment arm. See below 👇🏼
conectas.org/en/noticias/ng…

The case is also available on the Sabin Center's Global Climate Change Litigation database (@SabinCenter). 👇🏼
climatecasechart.com/non-us-case/co…