Títulos de Dívida e Mudança Climá5ca Análise do Mercado em 2016 Edição Brasileira

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1 Títulos de Dívida e Mudança Climá5ca Análise do Mercado em 2016 Edição Brasileira Sean Kidney, CEO, Climate Bonds Ini5a5ve São Paulo 2 de agosto de 2016

2 Títulos Verdes em alta 80 Expecta5va total 2016 $70 bi 60 PBoC es5ma $41 bi para a China China PBOC est. Muni/ Municípios provincial/ City Bancos de Development Desenvolvimento bank Corporate Corporativo Bank Bancos ABS Securitizações Acumulado no ano ($8 bi China)

3 Interesse de inves3dores Inves5dores ins5tucionais representa5vos de $93 trilhões de a5vos sob gestão SRI: $21 trilhões global $43 trilhões: UN Climate Summit $20 trilhões: Seguradoras x10 inves5mentos nas questões climá5cas até 2020 Bancos Centrais: PBOC, BoE, entre outros Gestores de fundos, Fundações $27tri Soberano $6tri Fundos de Pensão $30tri Seguradoras $30tri FROM INVESTORS REPRESENTING US$11.2 TRILLION We, the undersigned signatories to this statement, represent asset owners, investment managers and individual funds managing a combined US$11.2 trillion of s. We are substantial S$100 trillion We encourage, in order to scale up investment in green bonds, climate bonds and other bonds financing mitigation of and adaptation to climate change that meet our risk and return requirements as institutional investors: 1. Governments to act through policy, regulation, risk mitigation, guarantees, tax credits and other mechanisms to support the issuance of bonds that both address climate change and allow us to meet our to our beneficiaries. limate 9 DECEMBER 2015 The Paris Green Bonds Statement SIGNATORIES ACTIAM Jacob de Wit, CEO Addenda Capital Brian Minns, Sustainable Investing Specialist Affirmative Investment Management Stuart Kinnersley, CEO & Co-Founder AllianceBernstein Peter S. Kraus, Chairman and CEO Allianz Global Investors Franck Dixmier, Global CIO Fixed Income Amundi Asset Management Bernard Carayon, Deputy CEO APG Asset Management Herman Slooijer, Managing Director Global Credits AP1/Första AP-Fonden Mikael Angberg, CIO AP2/Andra AP-Fonden Ulrika Danielson, Head of Communications 3 /Tredje AP-fonden Peter Lundkvist, AP3 orate Governance Arne Lööw, Head of landsson,

4 Títulos Verdes Rotulados Alemanha $12bi Holanda $11bi França $15,6bi Supra- na5onais = $30bi EUA $24,8bi China $14,4bi > $10bi em circulação $1bi 10bi em circulação < $1bi em circulação Dado mais atual: Brasil $1,05bi AS $1,27bi Aust $2bi

5 Energia Renovável, e não Transportes Energia Limpa 44% Eficiência Energé3ca / Edificações de Baixo Carbono 24% Transporte de Baixo Carbono 12% Adaptação Climá3ca 2% Agricultura e Floresta 2% Sustentabiidade no uso da água 11% Resíduos e Controle de Poluição 5%

6 Regras para um novo mercado Green Bond Principles ICMA Recursos devem ser alocados para projetos verdes / Explica processo para seleção de projetos; usa revisão de segunda opinião / Acompanha o uso dos recursos; usa auditor para verificar / Reporta detalhes anualmente Climate Bonds Standard & Cer8fica8on: definições verdes + asseguração China: liberado pelo Banco Central França: E5queta Energy and Ecological Transi8on for Climate Ra5ng verde da Moody s: qualidade de revisão & relatórios Recomendações do G20 sobre Títulos Verdes

7 Expandindo o universo de inves3mento

8 $694 bi Universo de rtulos climá5cos $118bi Em rtulos verdes rotulados $576bi Em rtulos climá5cos não rotulados

9 Universo de Ztulos climá3cos Sem ra8ng 16% AAA 15% EUR $111,2bi USD $169bi < BBB 6% BBB 10% 78% é grau de inves3mento GBP $58,2bi Tipos de moeda AA 37% RMB $244,6bi A 16%

10 Transporte e energia são os maiores temas Transporte 66,8% Mul5ssetorial 8,2% Energia 18,8% Resíduos e Controle de Poluição 0,7% Água 2,6% Agricultura e Florestas 0,9% Edificações e Indústria 2%

11 Títulos Climá3cos no Brasil Europa Ocidental: $195bi EUA: $111bi China: $246bi Brasil Ztulos climá3cos Emi3dos BRL 10bi Em circulação BRL 4,5bi

12 Títulos Verdes e Climá3cos no Brasil Títulos Climá5cos em Circulação Brasil Eólica Energia Renovável Mista Exemplos de rtulos climá5cos Suzano Papel papel e celulose R$1.440m CPFL Energias renováveis R$1.026m São Miguel de Gostoso - eólica R$481m ALL América La5na Logís5ca - ferrovias R$4.112,2m ALL Malha Norte ferrovias R$326,7m ALL Malha Paulista ferrovias R$166,7m Concessão Metro RJ metrô R$575m MRS Logis5ca ferroviário de carga R$1.530,7m Supervia trens urbanos R$300m Títulos verdes rotulados BRF: EUR500m Suzano Papel: US$500m Transporte 54% Ferroviário de carga Ferroviário urbano Energia 23% Multissetorial 23% Mistos Transporte público

13 Oportunidades no Brasil Agronegócios Produtos Florestais Energia Renovável

14 Roadmap 1. Emissões por companhias Blue- chip 2. Sensibilização e capacitação dos atores de mercado 3. Incen5vos e apoio fiscal eficiente 4. Instrumentos de securi5zação 5. Desenvolver fluxo de projetos verdes

15 Coalizão para Inves3mentos em Infraestrutura Verde & INDCs GREEN BONDS & CAPITAL MARKETS Green Infrastructure Investment Coalitio Investors + Green Infra Developers + Public Sector + Development Banks Coalition Organisers Mesas redondas entre países e inves5dores Índia Brasil China Multi-trillion $ investor coalition backs green investment platform At the UN Climate Conference in 2014, investors representing $43 trillion signed statements about the importance of acting on climate change. They also said they stand ready to invest in climate solutions, with insurers pledging to multiply by 10 their climate related investments by In Paris at COP21 investors representing $11.2 trillion undertook to work to grow a vibrant green bonds market 2. Clearly, capital is available to invest. From the institutional investor perspective, what s missing are available investible propositions suitable to their needs. Many governments are well advanced in developing domestic green investment plans. Now they need investment. Objectives The aim of the Coalition is to bring together investors, governments, green infra developers and development banks to help increase the flow of capital to green infrastructure investments around the world. Participants want to: Better understand the forward pipeline of green infrastructure investments. Examine and address barriers to capital flows and propose solutions. London Stock Exchange, a globally focused capital markets business. The Inter-American Development Bank, financing development in Latin America. IRENA, the International Renewal Energy Agency The City Of London Green Finance Committee, bringing together UK investors and banks. The Climate Bonds Initiative is an investor focused NGO working to mobilize debt capital markets for green investments. The Principles for Responsible Investment represent investors with assets under management of US$60 trillion. The International Cooperative Mutual Insurers Federation represents insurers around the world with assets under management of US$9 trillion. The UNEP Inquiry brings together regulators, central banks, governments and investors to examine how to align the financial system with sustainable development. Long-Term Infrastructure Investors Association, made up of development banks and infrastructure financiers in Europe. Global Coalition Members (see over page for Country Participants) Legal & General Investment Management, an fund managers with assets of USD1.1tn. AB, a global investment-manager with USD464bn under management. The European Investment Bank, the EU s development bank. Institutional Investor Group on Climate Change, a network of pension funds & asset managers in Europe, representing EUR13tn. Shape the capital market instruments needed to ensure capital The Coalit Ceres Investor Network on Climate Risk representing US investors with AUM Meridiam, an infrastructure investm

16 Potencial de Investimentos no Brasil pós COP 21 São Paulo, Brasil 2 de agosto de 2016