Can BNDES Finance the Sustainable Green Transition? Alternatives to Leveraging the Bank’s Sources of Resources from Sovereign Wealth Funds
BNDESは持続可能なグリーン移行を資金調達できるか？ソブリン・ウェルス・ファンドからの資金源活用の代替案 (AI 翻訳)
Fernanda DE FREITAS Feil, Carmem Feijo, Fernando Amorim Teixeira
🤖 gxceed AI 要約
日本語
本論文は、ブラジルの国立開発銀行（BNDES）がグリーン移行を推進するための資金調達源として、ソブリン・ウェルス・ファンド（SWF）の活用を提案する。BNDESは2016年以降資金基盤が縮小しており、SWFは長期・安定した資金源として適している。著者はブラジルに国家SWFを設立または再構成し、BNDESを通じて持続可能な投資に資金を供給する枠組みを提唱する。
English
This paper proposes using sovereign wealth funds (SWFs) as a stable funding source for Brazil's National Development Bank (BNDES) to finance the green transition. BNDES has faced funding erosion since 2016, and SWFs, as intergenerational public savings, are well-suited for long-term sustainable investments. The author suggests creating or reconfiguring a national SWF in Brazil to channel resources to BNDES for climate mitigation, adaptation, and biodiversity conservation.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、GX経済移行債やグリーンファンドの活用が進むが、本論文は開発銀行とSWFの連携による長期資金調達の枠組みを提示。日本の政策金融機関（DBJ、JBICなど）やGX推進機構への示唆として、資金源多様化の観点から参考になる。
In the global GX context
This paper contributes to the global discussion on transition finance by exploring the role of development banks and sovereign wealth funds in funding the green transition. While focused on Brazil, the institutional framework proposed—leveraging SWFs to capitalize development banks—offers insights for other emerging economies and for global climate finance architecture.
👥 読者別の含意
🔬研究者:Provides a framework for analyzing development banks' funding constraints and the potential of SWFs as a solution for green transition finance.
🏢実務担当者:Offers a concrete proposal for development banks and policymakers to diversify funding sources for long-term sustainable investments.
🏛政策担当者:Highlights the strategic role of SWFs in financing the green transition and suggests a model for national policy design.
📄 Abstract（原文）
Abstract The green-sustainable transition demands a profound structural transformation of national economies, requiring stable, long-term public financing that can support investments with high uncertainty and delayed returns. Development banks are uniquely positioned to lead this process, as they combine technical expertise with a public mandate to promote structural change and social inclusion. In the case of Brazil, the National Bank for Economic and Social Development (BNDES) has historically played this role; however, it has faced a progressive erosion of its funding base since 2016. Ensuring the effectiveness of BNDES as a key driver of the green transition depends on restoring access to stable sources of financing. In this context, sovereign wealth funds (SWFs) offer a viable institutional solution: as liability-free, intergenerational public savings, they are well suited to finance long-term sustainable investments. This article examines the potential of SWFs as viable and strategic funding instruments for the green transition. SWFs are intergenerational public savings, making them particularly well suited to finance climate mitigation, adaptation, and biodiversity conservation. The article proposes the creation – or reconfiguration – of a national SWF in Brazil with a clear mandate to channel resources to development banks, especially BNDES, in order to finance the transition within a framework of long-term sustainability and social inclusion.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1515/jgd-2024-0094first seen 2026-05-05 19:06:58
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