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Banco do Brasil and IDB sign PROADAPT facilitated cooperation agreement on Climate Impact Assessment in Agriculture

Feb 17, 2017

The Bank of Brazil and the Inter-American Development Bank (IDB) formalized on Thursday 16 February, a Letter of Intent for conducting a study on Climate Risk, with the objective of investigating potential losses for the agricultural credit portfolio arising from current and future climate change, such as droughts and floods.

The project will be funded by the IDB's Multilateral Investment Fund in partnership with the Nordic Development Fund (NDF), through the PROADAPT funding structure, created to pilot and support the development of new and innovative methodologies, tools and business models to help MSMEs in Latin America and the Caribbean increase their climate resilience and take advantage of related business opportunities.  At the moment, the study will focus on the semi-arid Northeastern region, characterized by a high rate of poverty and inequality and its frequent exposure to climatic risks. The region already has a set of resilient technologies and investments already developed and tested for the agriculture sector, available for study at the Banco do Brasil Foundation's Technology Bank and also by the ProAdapta Sertão project, funded by the IDB's Multilateral Investment Fund.

The elaboration of the tool will include the collection and analysis of historical data and results of the credit portfolio of financial institutions correlating them with the climatic history (temperature, pluviometric regime and isolated climatic events). Once this analysis tool has been developed, it will be possible for financial institutions to include climate risk analysis in their credit policies, thus improving the evaluation of agricultural practices (crops / cultivars) and livestock (species / breeds), planting seasons, and cultivation techniques more adapted to each region.

For Carlos Netto, Banco do Brasil's Director of Strategy and Organization, "sustainability is a strategic theme for the future of BB's business and the partnership with the IDB demonstrates our commitment to the theme and vision of the future." For Marco Túlio Moraes da Costa , BB’s Director of Agribusiness, "the partnership with IDB will improve the process of obtaining data and information with the potential to support the decision to grant credit. The development of studies of this nature reinforces the Bank's social and environmental responsibility policy regarding climate change, with emphasis on family farming, reducing risks for our clients and supporting the identification of resulting business opportunities. From this initial effort, it will be possible to replicate the methodology to other regions of the country. "

Hugo Flórez Timorán, IDB's representative in Brazil, adds that the development of this innovative tool "will allow financial institutions to correctly assess the climate risk of their portfolios, opening space for the development and valuation of climate-smart technologies and practices that are capable of mitigate them. This study will contribute to the promotion of climate-resilient investments in the agricultural sector of Brazil and Latin America and the Caribbean."    

«March 2018»

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