《气候债券倡议组织:2024探寻绿色农业的共同语言-中国与巴西绿色农业投融资标准比较研究报告(英文版)(15页).pdf》由会员分享,可在线阅读,更多相关《气候债券倡议组织:2024探寻绿色农业的共同语言-中国与巴西绿色农业投融资标准比较研究报告(英文版)(15页).pdf(15页珍藏版)》请在三个皮匠报告上搜索。
1、Prepared by the Climate Bonds Initiative Comparison study of Chinese and Brazilian Agriculture CriteriaHarmonising green standards in the agricultural sectorSupported by the Gordon and Betty Moore FoundationComparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 2The
2、purpose of this report is to cross reference agriculture standards and taxonomy requirements between China and Brazil,highlight best practice,and suggest policy and market measures to scale sustainable agriculture finance.China and Brazil are among the worlds top five producers and exporters of agri
3、cultural products with a significant portion of their population working in agriculture.1 The two countries have developed a robust collaborative relationship including strategic partnerships in agricultural trade,with Brazil being a major exporter of agricultural products to China.Agriculture contr
4、ibutes about 30%of greenhouse gases(GHG)emissions,which is one of the primary contributors,and remains highly vulnerable to climate-related risks.2 Given the economic importance of agriculture in both countries,China and Brazil have prioritised agriculture in the creation of policies to support sust
5、ainable development.1.Report summaryKey messages:1.The information presented in this report can inform the design of the Brazilian taxonomy,with particular emphasis on agriculture,elements of which could be modelled on the Chinese taxonomy.2.Simultaneously,it provides a foundation on which both Chin
6、a and Brazil could collaborate on a harmonised taxonomy for green agriculture in the future.This shared taxonomy would scale green financial flows between both markets and build a common understanding of the benefits of purchasing from sustainable production chains.3.Using the China-Brazil collabora
7、tion in green agriculture,this study also seeks to bolster connectivity across international taxonomies for green agriculture.Contents1.Report summary 22.Green agriculture in China and Brazil 3Chinese and Brazilian low-carbon and green agricultural trade 3Chinese and Brazilian low-carbon agricultura
8、l policies 4Chinese and Brazilian green finance markets 63.Criteria for green agriculture 7Motivation for developing harmonised criteria for green agriculture 7Overview of green agriculture criteria 7Comparison of green agriculture activities in China and Brazil 74.Policy Recommendations 8Guidance f
9、or Brazils green agriculture criteria development 8Recommendations for China-Brazil harmonised green standards in agriculture 8Appendix 10Endnotes 15Comparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 3China has maintained its position as the primary importer of B
10、razilian agricultural products for several consecutive years,and the collaboration between the two nations in the agricultural sector continues to intensify.In 2022,the value of Brazils agricultural exports to China reached USD50.8bn,3 and mainly included soy products,meat,forest products,sugar and
11、alcohol,fibers and textiles.Soybeans and beef as the most traded commodities,are also closely associated with Brazils agricultural emissions.In the context of global trade,agricultural activities linking producing and consuming nations present a common challenge:the need to optimise the use of agric
12、ultural resources and advance supply chain sustainability.This challenge has emerged as a central focus of collaboration between China and Brazil in their efforts to establish a sustainable green agriculture supply chain.Through their partnership,China and Brazil aim to accelerate the development of
13、 green agricultural technologies and promote eco-friendly agricultural products,thereby making a valuable contribution to global initiatives to address climate change.2.Green agriculture in China and BrazilChinese and Brazilian low-carbon and green agricultural tradeChina-Brazil agricultural trade p
14、artnershipThe 30-year strategic partnership and the deepening economic and trade collaboration between China and Brazil have laid a solid foundation for fostering green agricultural trade.In 2022,China and Brazil published two documents on intergovernmental collaboration,the China-Brazil Strategic P
15、lan 2022-2031 and the China-Brazil Implementation Plan 2022-2026.4 These documents explicitly outlined the commitment to collaborate on boosting the trade of agricultural products and investing in low-carbon and clean technologies.In 2023,Brazils President Lula da Silva of Brazil made a state visit
16、to China,leading to the establishment of several collaborative agreements between the two nations.Among these agreements was a pivotal accord that enabled the use of local currencies in bilateral trade and financing activities.5 The visit also saw the release of a joint statement on deepening the co
17、mprehensive strategic partnership and the Brazil-China joint statement on combating climate change(see box).Collectively,these have established a robust strategic framework for advancing green agricultural trade and investment.ChinaAs both a major producer and consumer of agricultural products,China
18、 places a strong emphasis on agricultural development and food security.It produces approximately 25%of the worlds grain supply on less than 9%of global farmland,which means that on an annual grain planting area of 118.33m ha,686.53m tonnes of grain are produced in 2022.By 2032,Chinas grain output i
19、s expected to reach 767 million tons with average annual growth of 1.2%.6 The total agricultural output in 2022 reached RMB8,443.9bn(USD1,158bn),and Chinas total import and export of agricultural products reached USD334.32bn7,8.BrazilBrazil is the largest exporter of beef,poultry,soybeans,coffee,ora
20、nge juice,sugar,and corn.In 2022,the agricultural sector contributed 25%to Brazils Gross Domestic Product(GDP).Since the 1950s,Brazil has transformed from a food importer to a major food supplier.As global demand for food and agricultural products grows,Brazil will play an increasingly important rol
21、e in meeting such demand.9Since 2009,China has been the largest importer of agricultural products from Brazil.In 2022,bilateral trade between China and Brazil amounted to USD171.49bn,of which USD50.8bn accounted for agricultural products imported by China from Brazil a 43%increase compared to the pr
22、evious year.10 Rising food standards,driven by Chinas growing middle class,are expected to continue fostering the growth of agricultural trade between the two nations.11 This underscores the strategic importance of maintaining sustainability within the supply chain.Brazil-China Joint Statement on co
23、mbatting climate changeIn April 2023,Presidents Xi Jinping and Lula da Silva collaborated on a Joint Statement on combatting climate change(Statement)acknowledging the severity of climate change and the urgent need to address it through action.12 The Statement stressed the need to combine urgent cli
24、mate response with nature conservation to achieve the Sustainable Development Goals(SDGs)including the eradication of poverty and hunger while leaving no one behind.The two countries also reiterated their commitment to promote policy dialogues and sharing on climate investment and finance.Agricultur
25、al GHG emissions in China and BrazilShare of global GHG emissionsAgri-food share of national GHG emissionsAgri-food share of global GHG emissionsChina31%14%4%Brazil3%75%2%Comparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 4According to Faostat,livestock enteric f
26、ermentation,synthetic fertilisers,and crop residues are all significant sources of agricultural emissions in the two countries but the proportions differ.Although Brazils global GHG emissions constitute only 3%,agriculture,forestry,and other land use(AFOLU)account for a substantial 63%of those.Defor
27、estation,in addition to increasing GHG emissions and harming biodiversity,poses a direct threat to food security and results in notable economic losses.Studies indicate that an increase in soybean cultivation and cattle breeding in the Amazon region could trigger reduced rainfall in Brazils soy belt
28、,impacting the countrys soybean production.These economic losses could reach approximately 10%,equivalent to USD700m annually.In the context of agricultural trade between China and Brazil,deforestation is one of the most pressing climate change risks.Core commodities in the low-carbon and green agri
29、cultural trade between China and BrazilSoybeans and beef have the highest-emitting value chains with the most significant risk of deforestation.Soybean and beef production are not only driving over two-thirds of the recorded habitat loss in Brazils Amazon and Cerrado regions and Argentina and Paragu
30、ays Gran Chaco region,but also in 2021.13Soybeans and beef also represent the core commodities between China and Brazil,based on volume,value,and climate-related and deforestation risks.In 2022,the soybean trade between China and Brazil alone reached 54.39m tonnes,accounting for 60%of Chinas total s
31、oybean imports and 31%of Brazilian exports to China.This was followed by frozen beef.14 Given that soybeans and beef represent the most significant commodities in the agricultural transition between China and Brazil.Chinese and Brazilian low-carbon agricultural policies Chinese green agriculture pol
32、icies China incorporated sustainability into its agricultural development planning in 2015.Since then,several policies and plans have been developed to promote green agricultural development,including the National Sustainable Agricultural Development Plan(20152030),the Technical Guidelines for Green
33、 Agricultural Development(20182030),the Plan for the Green Development of Chinas Agricultural Sector During the 14th Five-Year Plan Period,and the Implementation Plan for Carbon Reduction and Sequestration in Agriculture and Rural Areas.These policies are designed to optimise development layout,safe
34、guard arable land resources,improve water efficiency,control environmental pollution,and restore the agroecosystem.They focus on fostering sustainable agricultural development by addressing resource utilisation,environmental management,agroecosystems,the supply of green agricultural products,and the
35、 capacity for carbon sequestration.The plans are focused on supporting green inputs,production technologies,and post-production value-added technologies,while also promoting green and low-carbon farming structures and technology models.Attention is Share in IPCC Agriculture totalSource:FAOSTATAgricu
36、ltural products imported to China from Brazil in 202227ProductVolume(10,000 tonnes)Soybeans5439Beef and by-products110Chicken and by-products55Cotton57Sugar417Pork and by-products44NDC commitments (Will be updated)ChinaPeaking carbon emissions before 2030,and carbon neutrality by 2060Brazil Carbon n
37、eutrality by 2050 and carbon emissions reduced by 37%by 2025,and 50%by 2030.The transition of agricultural production will be key to realising climate goals in both China and Brazil.Since each country is tackling different sources of emissions,their green agriculture policies focus on different area
38、s.Chinas strategies for mitigating agricultural emissions primarily revolve around the technical aspects of agricultural production.They prioritise the adoption of green and low-carbon agricultural technologies,encompassing measures such as reducing and enhancing the efficiency of fertiliser use,met
39、hane reduction in rice fields,managing livestock manure,optimising the utilisation of straw,improving the energy efficiency of agricultural machinery,and promoting the development of agricultural carbon sinks.The Brazilian strategy prioritises changing land use and livestock breeding to address clim
40、ate change.Despite existing legislation,illegal deforestation and land conversion for agricultural purposes persist.Brazil is also focused on improving the efficiency of agricultural production increasing the output from current agricultural land.This is achieved through methods such as land rehabil
41、itation,the support of intensive livestock management,the establishment of a crop-livestock-forest farming system,and the research and development of tropical cultivation techniques.These measures enable the efficient utilisation of existing land and help mitigate the need for expanding agricultural
42、 production onto new territories.Synthectic Fertilisers 21.6%Manure left on pasture 9%Rice cultivation 22.6%Crop residues 5%Rice cultivation 1%Manure management 2%Manure management 9%Enteric fer-mentation 28.3%Crop residues 2%Savanna fires 3%Burning crop residues 1%Manure left on pasture 16%Synthect
43、ic Fertilisers 6.0%Enteric fermentation 70%Manure applied to soils 4%Burning crop residues 1%Manure applied to soils 2.4%BrazilChinaComparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 5switching to strengthening green criteria and reducing the intensity of GHG emi
44、ssions from major agricultural products.While specific emission reduction and carbon sequestration targets are not currently outlined in agricultural planning,it is anticipated that relevant metrics will be further integrated into existing plans to align with the development of green agriculture.15A
45、 list of Chinas major green agriculture policies can be found in the Appendix(Table 1).Brazilian green agriculture policiesThe Brazilian Ministry of Agriculture,Livestock and Food Supply(MAPA)has adopted a series of initiatives to promote sustainable agricultural production and reduce GHG emissions.
46、Firstly,Brazil has introduced the Agricultural Plan(Plano Safra),which provides funding and support for farmers to promote the adoption of sustainable agricultural practices.16 The objective is to boost environmentally sustainable production systems for pasture recovery with lower interest rates and
47、 awards for producers with sustainable practices.According to MAPA,Brazils green agriculture is centred around technological innovation,environmental legislation(with the Forest Code as the core),and public governance of agri-environmental sustainability.17 A list of Brazils major green agriculture
48、policies can be found in the Appendix(Table 2).Several initiatives that Brazil has adopted for sustainability in the agriculture sector deserve to be highlighted:1.The Plano Safra;2.The Forest Code;and3.The Low-carbon Agriculture Plan and subsidised line of credit(ABC Plan and ABC+Plan),currently si
49、tting under the Agricultural Plan and renamed as Renovagro.18The Brazilian Sustainable Agriculture Strategy includes layers of incremental policies that complement and strengthen one other.The ABC Plan is part of Brazils first commitment made at the Conference of the Parties 15(COP15)in 2009,which h
50、as since then become Brazils core policy to incentivise green and low-carbon agriculture.Its strength it that it supports emission reduction technologies and adaptation initiatives in the agricultural sector and encourages farms to adopt sustainable agricultural practices with preferential loans.Bra
51、zils overall agricultural planningLand governance and environmental compliance are prioritised in Brazils environmental governance and green agriculture planning.Specifically,this includes strengthening the identification and management of land,ensuring the legality of land use.It also ensures the i
52、mplementation of the Forestry Code and the application of environmental compliance tools,such as the Certificate of Rural Environmental Registration(CAR).19 This accelerates the analysis and certification of the more than six million rural properties registered in the CAR and advancing the use of th
53、e Payment for Environmental Services(PES)instrument proposed in the Forestry Code.According to the Sector Plan for Adaptation to Climate Change and Low Carbon Emissions in Agriculture with a view to Sustainable Development(ABC Plan and ABC+)and and Plano Safra(Harvest Plan),Brazil emphasises:Fosteri
54、ng and strengthening technological innovations that ensure the sustainability of Brazilian agricultural and livestock production;The development of low-carbon tropical science and technology to increase production capacity,raise incomes,increase climate resilience,and reduce greenhouse gas emissions
55、;Development of a bioeconomy,including fibre production,renewable energy,environmental and ecosystem services,and biological inputs;and The development of the Biofuels Programme(Renovabio),the world largest programme to support the decarbonisation of an economic sector.To finance agricultural produc
56、tion in Brazil,the Harvest Plan proposes expanding agricultural credit,promoting the participation of the private market in the financing of rural credit,and designing new financing instruments,such as green bonds and sustainably linked bonds(SLBs).It also revises agricultural subsidy policies to pr
57、ioritise social development for poor rural producers,ensuring that agricultural subsidy activities integrate rural producers into policies and plans to promote social development.The plan includes accompanying measures such as infrastructure for trade facilitation,the restructuring of technical assi
58、stance policies at the national level,and the enhancement of the connection between technical assistance and rural development,particularly focusing on sustainable tropical technologies.These policies aim to promote climate-smart agriculture,ensure environmental compliance,and promote sustainable ag
59、ricultural practices.Comparison of Chinese and Brazilian green agricultural policies Securing agricultural production under the multiple constraints of land degradation,pollution,and climate change is a shared challenge for China and Brazil.The two countries share similar priorities for green agricu
60、ltural policies,including:Enhancing the efficient use of resources Improving the efficacy of agricultural productivity Addressing climate change adaptation Modernising agriculture.These common policy priorities can be further strengthened by increased international collaboration and technology excha
61、nge.There are also differences in green agriculture policies between China and Brazil.Curbing deforestation and land-use change are priorities in the development of green agriculture in Brazil.Brazils green agriculture policy proposes the adoption of various Low-carbon Agriculture ProgrammeImplemen-
62、tation timeTotal BudgetMain ActivitiesImplementationPhase I(ABC)20102020USD1.5bnRehabilitation of degraded rangelandsPromotion of integrated crop-livestock-forest farming systemsAgroforestry complex ecosystemsBiological nitrogen fixationReforestation and animal waste treatmentSpecific actions for ad
63、aptation to climate changeTargets met:establishment of nearly 6m hectares of integrated farming systems,10m hectares of no-till production;and treatment of 4.5m cubic meters of animal manure.Target not met:only about one third of the targeted degraded rangelands have been rehabilitated with respect
64、to the targets for rehabilitation of degraded rangelands and reforestation.Phase I-II (ABC+Renovagro)20202030About USD1.27bn in the 22/23 budgetTarget:72.6m hectares covered and 1.1bn tonnes of CO2 equivalent emissions reducedComparison study of Chinese and Brazilian Agriculture Criteria Climate Bon
65、ds Initiative 6forms of crop-animal husbandry,focuses on the coordination and integration of different agricultural production systems,and strengthens the effective use of existing land resources while protecting forests.Chinas green agriculture policy centres on the modernisation of agriculture,the
66、 enhancement of production technology and efficiency,the reduction of chemical inputs,and the support of eco-friendly farming practices.Key focal points include pollution control and the efficient recycling of resources.Policy and financial subsidies serve as the primary tools guiding the transition
67、 to green agriculture,which prioritises the green certification of imported products.China has established organic agriculture certification,the green agriculture label,and additional market certification systems,which aim to raise awareness and recognition of green agriculture within the market.Chi
68、nese and Brazilian green finance markets China is one of the countries with the most comprehensive green finance policy frameworks in the world.15 Chinas green loan balance has achieved the largest in the world.20 As of the end of 2022,Chinas green credit scale reached RMB22tn.21 In 2022,China becam
69、e the worlds largest green bond market,with issuance of RMB575.2bn(USD85.4bn).22According to the data from Climate Bonds,Brazil stands as one of the largest green bond markets in Latin America.By the end of 2022,USD31bn of green,social,sustainability,sustainability-linked,and transition bonds had or
70、iginated from Brazil,with agriculture being among the sectors receiving the most substantial green bond financing.23 Moreover,the Brazilian government has embarked on the development of a sustainable taxonomy aimed at addressing the significant environmental and social challenges faced by the countr
71、y,with a particular emphasis on the agricultural sector.As per the Brazilian governments plan,the sustainable taxonomy for Brazil is slated to be unveiled in November 2024 and is set to be compulsory fromJanuary 2026.The establishment of a credible green investment criteria is a top priority for adv
72、ancing green agricultural development.Brazil is the largest destination for Chinese investment in Latin America,accounting for 47%of Chinese direct investment in the region.24 Over the past decade,Chinese investment in Brazil has exhibited substantial growth,averaging an annual rate of 30%.In 2022,C
73、hina was one of the leading foreign investors in Brazil channelling USD67.5bn into oil and gas,mining,telecommunications,automotive manufacturing,infrastructure,and agriculture.25The Chinese state prioritises investment in the Brazilian agriculture sector.This is channelled through large state-owned
74、 enterprises and financial institutions with a primary focus on supporting national strategies and ensuring food security.Currently,most of Chinas agricultural investments in Brazil support the processing and storage segments of the soybean industry chain.Additional investments are directed toward B
75、razils infrastructure development to enhance the agricultural logistics system.Chinas financial collaborations in Brazil are primarily dominated by loans and bonds.Loans are typically extended by policy banks.For instance,the Special Loan Programme for China-Latin America Infrastructure Project,tota
76、lling USD20bn,is a government loan issued by the China Development Bank,aimed at supporting projects in agriculture and other sectors.26 Bonds are mostly from Chinese financial institutions,providing financial support to businesses in the soybean and beef sectors.Agricultural investment in Brazil is
77、 more market-oriented,centred on large traders and farmers and drawing on finance from a wide range of sources.This includes participation from national financial institutions,sovereign funds,global commercial financial institutions,and investors.Brazils green finance practices in agriculture are ai
78、med at promoting sustainable agricultural development.The country actively encourages agricultural producers to adopt eco-friendly agricultural practices by providing favourable financing terms to those who embrace sustainability.Additionally,the Central Bank of Brazil has implemented specific susta
79、inability due diligence requirements for the financial sector.This includes a prohibition on lending to areas associated with illegal deforestation and ensuring that sustainability factors are taken into account by financial institutions when granting loans.As Chinas green soft commodity value chain
80、 continues to improve,Chinese investments and trade in Brazilian agriculture will amplify the regulations and requirements surrounding deforestation and land conversion to mitigate risks within the agricultural value chain.Furthermore,Chinese investors might encounter physical risks and transition r
81、isks associated with climate change,if they do not take adequate measures to enhance climate adaptation and mitigation.The introduction of policies such as the EU regulation on deforestation-free products has spurred international investors to place greater emphasis on sustainable supply chains in a
82、griculture.There is a growing recognition of the pivotal role that agriculture and food supply chains play in relation to environmental damage,climate change,and the associated risks and opportunities.Enhanced environmental and climate risk management in agriculture and food investment and financing
83、 by international investors will provide further external impetus.Total loans and underwriting(2010-2022)attributable to the soybean and beef supply chain in Brazil28Instrument typeAmount(USD millions)%of totalBond issuance237872%Corporate loan57217.3%Revolving credit facility2848.6%Share issuance66
84、2%Shareholding30.1%Bondholding20.06%Examples of climate change risks for agriculturePhysical risksTransition risksDroughts and unstable rainfall patternCosts of adoption of new practicesInundationAccess to technical assistance Hail damageAvailability of technology Wind damageEmployment and other soc
85、ial issuesExcessive heat Regulation and compliance Pests and pathogens ReputationSalinisationComparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 73.Criteria for green agricultureMotivation for developing harmonised criteria for green agricultureThe sustainable or
86、green taxonomy is a classification system that relies on a set of criteria to outline economic activities and assets that align with environmental and sustainability objectives.Existing sustainable/green taxonomies provide market players with clear guidelines and help investors and businesses priori
87、tise green activities.The absence of clear and universally accepted official definitions has resulted in a lack of comparability,credibility,and accountability while driving up transaction costs.29 The development of well-defined criteria for green agriculture can instil greater coherence and credib
88、ility within the agricultural sectors green development.This can help reduce the risk of greenwashing by issuers and enhance capital liquidity.Robust criteria for green agriculture can also assist central banks and regulators in creating more precise incentives.At the local government level,such cri
89、teria can support the compilation of databases for green agriculture projects,thereby determining the orientation of policy support and facilitating bank-business matchmaking.With the guidance of a clear taxonomy,financial institutions can establish the direction for capital investment and assess th
90、e Use of Proceeds(UoP).Based on such a taxonomy,they can launch innovative financial products,improve the information disclosure system,and enhance disclosure transparency.This is conducive for businesses to determine the alignment for sustainable development of the green agricultural industry and d
91、efine their path of industrial transition.In interoperable markets,a green taxonomy can expedite the flow of capital across borders.This is achieved by,for instance,diminishing due diligence costs.In cross-border activities,incongruent green definitions may result in ambiguous delineations for econo
92、mic activities and projects associated with green agriculture,consequently elevating investment costs for both businesses and investors.In contrast,the harmonisation of green taxonomies for agriculture can alleviate market fragmentation and streamline the movement of green capital to bolster sustain
93、able agriculture.Furthermore,given that a taxonomy can support the setting of baselines,labels,and other instruments,establishing interoperable green taxonomies can facilitate consistency across finance instruments.Coordination in green finance contributes to the sustainable socio-economic partnersh
94、ip between China and Brazil.This is particularly evident in their joint efforts to bolster green agricultural development,where green finance can serve as a driver for the countrys green agriculture initiatives.Conversely,by intensifying collaboration and fostering synergies in areas of mutual inter
95、est,the two countries can more effectively leverage resources.Overview of green agriculture criteriaCriteria for green agricultural investment and financing helps lenders to recognise green agriculture activities and evaluate and address environmental and climate-related risks associated with agricu
96、lture.This contributes to bolstering the sustainability,climate adaptation,and resilience of agricultural production,as well as helping to direct capital flows to appropriate projects.In China,the Green Bond Endorsed Projects Catalogue(2021 Edition),commonly referred to as the Green Bond Catalogue,a
97、nd the Green Industry Guidance Catalogue(2019 Edition)established by financial market regulators,include agriculture as a key sector.They include a series of green agricultural activities eligible for the green bond market in the form of a whitelist.In 2020,Climate Bonds set agriculture criteria for
98、 market stakeholders.The full set of agriculture criteria for Climate Bonds Certification was released in 2021,adding Criteria for livestock.The Criteria delineate and evaluate the green characteristics of agricultural projects concerning climate change mitigation,climate adaptation,and resilience.A
99、dditionally,they specify the requirements that agricultural assets or projects must satisfy,further refining the scope and categories of the UoP.Chinas Green Bond Catalogue does not categorise activities by sector but instead encompasses green activities across six areas(the economic sectors of ener
100、gy conservation and environmental protection,clean production,clean energy,ecological environment,green upgrading of infrastructure,and green services).As a result,agricultural activities are included within each sector.In contrast,Climate Bonds has formulated a systematic approach to identifying gr
101、een activities by establishing technical screening criteria and unified principles and objectives.The China-EU Common Ground Taxonomy for Sustainable Activities enhances the comparability of criteria for green finance across countries.It offers valuable support and streamlines the interoperability o
102、f taxonomies to support the international bond markets,facilitating cross-border green investment and financing.This taxonomy stands as a vital point of reference for benchmarking agricultural criteria between China and Brazil.A comparison of activities across the Green Bond Endorsed Projects Catalo
103、gue(2021 Edition),the Climate Bonds Taxonomy,and the China-EU Common Ground Taxonomy for Sustainable Activities is included in the Appendix(Table 3).Comparison of green agriculture activities in China and BrazilThis section provides a comparison and analysis of the agriculture-related section of Chi
104、nas Green Bond Catalogue and Brazils financial incentives for green and low-carbon agriculture.A summary of the comparison can be found in the Appendix(Table 4).The primary objective is to evaluate specific green agricultural activities supported by the policies of both countries.Collation and analy
105、sis reveal the comparability,commonalities,and differences between the two countries policies in green agricultural activities,as well as their shortcomings.While both China and Brazils agriculture criteria encompass several activities that comply with green agriculture,the two countries share commo
106、n challenges related to environmental and climate concerns that require further clarification and resolution.To develop China-Brazil harmonised criteria,several key issues require special attention,including the DNSH principle,climate goals,climate resilience,and biodiversity conservation.Agricultur
107、e criteria should uphold the DNSH principle,which emphasises minimising negative impacts on the environment and ecosystems during agricultural production.Additionally,climate adaptation and resilience are important considerations for agricultural financing.These criteria should provide guidance on t
108、echnologies and measures for bolstering agricultural adaptation and resilience.Comparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 84.Policy RecommendationsGuidance for Brazils green agriculture criteria developmentThe development of a taxonomy should begin with t
109、he establishment of principles and objectives,which should then be followed by the identification and clarification of green assets and activities.These assets and activities should draw from national plans,policies,and other sources.They can contribute to the achievement of defined goals and addres
110、s priorities.Taxonomy designClimate Bonds suggests five elements that should be considered in the design of a national taxonomy.1.Selecting the correct approach A green taxonomy not only addresses climate change but also streamlines the process of national environmental governance.To date,taxonomy d
111、esign has been approached in two ways:the whitelist approach,and the technical screening approach.China adopted the whitelist approach by listing the green activities that needed financial support.This approach is straightforward and relatively easy to execute;however,because of unclear screening cr
112、iteria,it can lead to difficulties in measuring the contribution of economic activities to the environment.Globally recognised criteria,such as those established by Climate Bonds,take a technical screening approach with a set of sectoral screening criteria based on environmental and climate objectiv
113、es.These criteria define green activities by delineating the range of activities and the UoP,thereby ensuring that each activity contributes to emission reduction targets.However,this approach requires issuers to identify eligible projects,thereby increasing operational costs.Brazils taxonomy could
114、combine the two approaches.During the taxonomys development,Brazil could list activities in accordance with its green agriculture planning.To guarantee that all activities made meaningful contributions to emission reduction,Brazil should formulate plans based on the final emissions goal,set a baseli
115、ne year for emissions levels,and conduct regular monitoring.Brazil should develop clear and measurable criteria for sustainable agriculture based on scientific evidence and best practices.These criteria should exhibit the flexibility to adapt to diverse agricultural systems and regions.2.Establish p
116、rinciplesTo ensure uniformity,coherence,and effectiveness in the criterias application,the Brazilian Government should propose a framework of principles.This framework,while offering clear direction for green agriculture,should embed flexibility in the criterias implementation and serve as the found
117、ational basis for any potential necessary adjustments.It should consist primarily of overarching guiding principles,such as the DNSH principle,which is observed by China,the EU,and Climate Bonds.Brazil may also contemplate more focused principles concerning critical subjects,such as the principles o
118、f no deforestation and biodiversity conservation.Principles should include rules to be followed during implementation,including openness,science-basis,ensuring the engagement of small and medium-sized farmers,and guaranteeing equity.They may also include restrictive principles,such as prohibiting th
119、e purchase,processing,or transportation of products of an illicit origin.3.Set targets and prioritise them.During the development of green criteria,it is necessary to establish well-defined emission reduction targets and standards and to identify activities that contribute to the achievement of the
120、targets and categorise them as eligible for the green agriculture criteria.Prioritising activities based on their contributions ensures the effective allocation of resources.For activities that make a substantial contribution to emissions,separate emission reduction targets may be set.For example,em
121、issions stemming from the production and trade of commodities such as soybeans and beef should be a priority.Moreover,it is essential to specify environmental objectives for critical matters such as forest conservation,soil restoration,biodiversity preservation,and rural area development.4.Ensure th
122、e taxonomy is complete,practical,and effective.The scope of activities should be set as comprehensively as possible.It should encompass not only activities directly tied to agricultural production but also extend to encompass supporting facilities,including infrastructure development.The demand for
123、infrastructure to support agri-food systems is rising,and it requires substantial financial investments to construct infrastructure that is resilient to disasters and climate change while enhancing transportation efficiency.Consequently,the construction of infrastructure that supports green agricult
124、ure should be considered in the criteria.In addition,the implementation of the taxonomy should undergo regular monitoring and evaluation to guarantee its effectiveness in propelling sustainable agricultural practices and attaining its environmental,social,and economic objectives.5.Connect the taxono
125、mies of different countries in relevant areasConnecting the Brazilian taxonomy to that of other countries in relevant areas would amplify the influence of green agricultural product supply chains,enticing more international capital to participate,and giving a boost to trade and economic growth.The e
126、stablishment and alignment of green agriculture taxonomies between Brazil and China could enhance Brazils agricultural trade interoperability with China,leveraging synergies and saving resources.For instance,the unification of criteria for sustainable soybean and beef production between China and Br
127、azil will enable eligible products to receive more financial support in production,procurement,and marketing,thereby bolstering their competitiveness in the market.Recommendations for China-Brazil harmonised green standards in agricultureChina and Brazil have substantial opportunities for future col
128、laboration in pursuing a green transition and sustainable development.Climate Bonds suggests seven actions to propel the partnership forwards.1.Establish a Brazilian green agriculture criteria to facilitate interoperability between China and Brazil.This would provide a clear framework for green agri
129、culture practices,and investment.Building upon this foundation,the two countries could collaborate on developing a harmonised taxonomy that would expedite the transition to low-carbon and climate-adaptive agriculture while strengthening trade and cooperation in sustainable agriculture.The following
130、are suggested actions for establishing China-Brazil green agriculture criteria.1.The central banks of both countries should work in tandem to coordinate various sectors and establish a harmonised taxonomy.2.Particular focus should be placed on key topics such as decarbonising soil use,harnessing the
131、 potential of forest carbon sinks,agricultural carbon sequestration,the role of the carbon trading system,ensuring traceability within the agricultural value chain,and biodiversity conservation.3.Infrastructure development should be incorporated into the green agriculture criteria.Infrastructure inp
132、uts,which have not yet been included in sub-programmes for low-carbon agriculture in China and Brazil,are indispensable for promoting low-carbon and green agriculture in both countries.Climate-adaptive and climate-friendly infrastructure is conducive to resilient and adaptive agriculture and provide
133、s a critical foundation for efficient and high-quality agricultural production.Comparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 92.Prioritise key areas of green agricultural development.China and Brazil should identify areas of symbiosis in the agricultural sec
134、tor.Both countries should bolster investment and collaboration in agricultural sectors that hold mutual interest,including the eight agricultural activities identified in the Appendix(Table 5),which are agricultural productivity,resource efficiency,agroecosystem construction,livestock and poultry ma
135、nure treatment and application,crop residue management,land restoration and conservation,energy,including energy contained in inputs and sustainable agriculture training.Both countries should intensify their focus on innovation and R&D in relevant agricultural science and technology.For example,they
136、 could build intensive farms specialising in supplying beef that meets sustainable production standards.Second,as both China and Brazil grapple with shared challenges and complexities in the pursuit of low-carbon green agriculture,which includes conserving biodiversity,fortifying climate resilience
137、in agriculture,and curbing deforestation across the supply chain,the two nations should prioritise discussions and partnerships in these domains to set common goals and action guidelines to shape a sustainable commodity value chain.3.Establish bilateral trade agreements to support investment and fin
138、ancing for sustainable agriculture.Such agreements should delineate shared objectives and principles that underpin collaboration in this critical area.At the same time,both countries may designate or establish agencies to support investments in sustainable agriculture.Such agencies could provide pot
139、ential investors with one-stop services for information,guidance,and assistance,streamlining the investment process.4.Direct capital flows to areas such as low-carbon agriculture and climate-adaptive and resilient agriculture.Incentives,such as a China-Brazil special fund for green agriculture,loans
140、 and subsidies,and tax concessions and redemption,would create a conducive financial environment for investments in green agriculture.In addition,financial institutions should prioritise green lending and aggregation to bring more large deals to the green bond market.This would encourage more invest
141、ors to back green investment strategies supporting sustainable agriculture.5.Reduce transaction costs and create risk-appropriate investment conditions for investors.Green financial innovation can be achieved by 1.introducing public-sector funds such as sovereign loans,guarantees,and other tools to
142、reduce investors capital costs and investment risks;2.encouraging green financial products and programmes,such as green or sustainability bonds,sustainability-linked bonds and loans,and other loans;3.issuing special panda bonds to support the establishment of a sustainable value chain between China
143、and Brazil;and 4.examining a green financing model that integrates stocks and bonds has the potential to decrease investment costs while attaining value.6.Establish partnership platforms with financial institutions.These could facilitate investors collaboration in matching projects,identifying and a
144、ssessing climate-related risks,reducing investment research costs,and exploring investment opportunities in low-carbon agriculture,and ensure investors comprehensive understanding of and easier access to available investment and financing instruments.7.Enhance dialogue.China and Brazil could establi
145、sh long-term and stable communication channels through platforms such as the BRICS and the South-South Cooperation.This would encourage offline interaction opportunities,the regular exchange of information on technology,finance,and business,and enhanced coordination in business,policies,and investme
146、nt.Exchange programmes should be launched to facilitate visits by agricultural experts,researchers,and policymakers.These programmes would allow for the sharing of best practices,and knowledge,and the promotion of cooperation on sustainable agriculture projects.Comparison study of Chinese and Brazil
147、ian Agriculture Criteria Climate Bonds Initiative 10Table 1:Major green Agriculture policies of ChinaDate of IssuanceIssuer(s)PolicySummaryMay 2015Ministry of Agriculture and Rural Affairs,National Development and Reform Commission,Ministry of Science and Technology,Ministry of Finance,Ministry of L
148、and and Resources,Ministry of Environmental Protection,Ministry of Water Resources,and National Forestry AdministrationNational Sustainable Agricultural Development Plan(2015-2030)30Five key tasks are proposed to promote sustainable agricultural development:(1)optimising the development layout and s
149、teadily enhancing agricultural production capacity;(2)protecting arable land resources and promoting the sustainable use of farmland;(3)saving and efficiently using water and securing agricultural water use;(4)combating environmental pollution and improving the agricultural and rural environments;an
150、d(5)rehabilitating the agricultural ecology and upgrading ecological functions.August 2018Ministry of Agriculture and Rural AffairsTechnical Guidelines for Green Agricultural Development (2018-2030)31The main tasks are(1)developing green inputs,(2)researching and developing green production technolo
151、gies,(3)developing green post-production value-added technologies,(4)innovating in green and low-carbon farming structures and technology models,(5)developing integrated development technologies and models for green villages,and(6)strengthening of the basic research on green agricultural development
152、 and improving the green criterion system.September 2021Ministry of Agriculture and Rural Affairs,National Development and Reform Commission,Ministry of Science and Technology,Ministry of Natural Resources,Ministry of Ecology and Environment,and National Forestry and Grassland AdministrationPlan for
153、 the Green development of Chinas Agricultural Sector During the 14th Five-Year Plan Period32As Chinas first specialised plan for green development,it sets out five development goals for intensifying green agricultural development:1)resource utilisation;2)environment of the place of origin;3)agroecos
154、ystems;4)supply of green agricultural products;and 5)emission reduction and carbon sequestration capacity and relevant key tasks and measures.It makes systematic arrangements for green agricultural development during the 14th Five-Year Plan period.Under the carbon neutrality policy,it sets new targe
155、ts,calling for(1)a significant reduction in the intensity of GHG emissions from major agricultural products;(2)an enhanced capacity for agricultural emission reduction,carbon sequestration,and response to climate change;and(3)an effective improvement in agricultural energy efficiency.July 2022Minist
156、ry of Agriculture and Rural Affairs and National Development and Reform CommissionImplementation Plan for Carbon Reduction and Sequestration in Agriculture and Rural Areas33This sets out some key tasks to peak carbon dioxide emissions and achieve carbon neutrality,including fertiliser reduction and
157、efficiency;reduction of rice-field methane,GHG from animal husbandry,fishery and agricultural machinery;farmland carbon sinks;and comprehensive utilisation of straw.4.AppendixComparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 11Table 2:Brazils major green Agricul
158、ture policies Date of IssuanceIssuer(s)PolicySummary2023Federal Government of BrazilAgricultural Plan(Plano Safra)Plano Safra,created by the federal government,is the main Brazilian agricultural policy instrument.It allocates funds for investment or for costing,industrialisation,and commercialisatio
159、n of agricultural products.In 2023,the funds value reached a historical high of BRL 364bn(USD73bn),26.8%up from the previous year.The governments goal in the Agricultural Plan is to boost environmentally sustainable production systems,with lower interest rates for pasture recovery and awards for pro
160、ducers with sustainable practices.The Plano Safra has 13 programmes in the financing line for investments,including the new Renovagro,the former ABC+Plan.2012Federal Government of BrazilForest CodeThe Brazilian Forest Code is a federal law that requires rural landowners to designate and maintain a p
161、ercentage of their property area under forest cover to preserve remnants of native vegetation on rural lands and to conserve biodiversity.In addition,the Forest Code requires all landowners to restore deforested areas on their properties.The Forest Code has two implementation instruments.The first i
162、s the Rural Environmental Registry(CAR11),which provides georeferenced data of rural properties,including boundaries of the land and the location of Permanent Preservation Areas(APP),Legal Forest Reserves,restricted areas,and agricultural production areas.The second is the Environmental Regularisati
163、on Programme(PRA),an instrument designated for landowners that are not in compliance with the Legal Forest Reserve and APP under the Forest Code.2011Federal Government of BrazilLow-carbon Agriculture Plan(ABC)(20102020)Brazil created the ABC Plan under the National Policy on Climate Change to reduce
164、 carbon dioxide emissions from human activities.Its objective is to foster the implementation of technologies and the use of low-carbon agricultural practices to restore degraded forest areas,as well as the management of natural forests and the development of integrated crop-livestock-forest farming
165、 systems.The ABC Plan was created by Brazil to address the dilemma of the worlds largest agricultural exporter in the face of limited agricultural resources and the impact of climate change.By providing government loans to producers,the plans objective is to improve efficiency in the use of natural
166、resources,restore,recover,and conserve ecological reserves,increase the resilience of productive systems and rural communities,and enable the sector to adapt agriculture to climate change,thereby promoting the reduction of GHG emissions in agriculture.2020Federal Government of BrazilLow-carbon Agric
167、ulture Plan(ABC+)(2020-2030)/RenovagroThe ABC+Plan,created in 2020,is a continuation of Brazils Low-carbon Agriculture Programme.It aims to build a more sustainable and resilient agricultural production system based on technological innovation.One of the new programmes of the Plano Safra launched in
168、 2023 is Renovagro,the former ABC+plan subsidised line of credit.Renovagro is a programme for financing sustainable agricultural production systems with the objective of encouraging adaptation to climate change and low-carbon emissions in agriculture and livestock.It finances practices such as the r
169、ecovery of degraded areas and pastures,the implementation and expansion of integrated crop-livestock-forestry systems,the adoption of conservation practices for use and the management and protection of natural resources.The implementation of organic agriculture,restoration of permanent preservation
170、areas or legal reserves,the production of bioinputs and biofertilisers,systems for generating renewable energy and other practices that involve sustainable production and culminate in low emission of greenhouse gases can also be financed.The programme has three modes:Environmental Renovagro,to finan
171、ce the restoration of legal reserves and permanent protection areas(APP)on properties.Renovagro Recovery of Pastures,for investments in the recovery of degraded pastures,such as systems of integrated farming,livestock,forestry(ILPF),alternative energies and direct planting systems in straw,and Renov
172、Agro-Other Investments in Sustainable Systems and Practices,which will finance all other sustainable agricultural practices.2023Federal Government of BrazilIncentive Programme for Technological Innovation in Agricultural Production(Inovagro)Another important investment incentive programme launched i
173、n the Plano Safra.It aims to support investments in technological innovation in rural properties,aiming at increasing productivity and the adoption of good agricultural practices.Comparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 12Table 3.A comparison of activit
174、ies across the Green Bond Endorsed Projects Catalogue(2021 Edition),the Climate Bonds Taxonomy,and the China-EU Common Ground Taxonomy for Sustainable Activities Green Bond Endorsed Projects Catalogue(2021 Edition)Climate Bonds TaxonomyChina-EU Common Ground Taxonomy for Sustainable ActivitiesGenera
175、l ComparisonApplicabilityGreen bond issuers,investors,administratorsGreen bond issuers and investorsInvestors,administrators,and decision-makersStandard-setterPeoples Bank of ChinaClimate Bonds International Platform on Sustainable Finance(IPSF)UoPGreen industries,green economic activities,and other
176、 green projects in line with the taxonomy,including the construction,operation,acquisition,accompanying working capital replenishment,and repayment of interest-bearing debts of green projectsEligible agricultural production operations and capital expendituresGreen industries,green economic activitie
177、s,and other green projects in line with the taxonomyPrincipleDo No Significant Harm(DNSH)principle:Principles for implementing the criteria include compliance with national policies and alignment with international criteria.Alignment with the Paris Agreement.Activities must support climate change mi
178、tigation.Principles are in place for equity,effectiveness,and inclusiveness.DNSH principleScreening CriteriaActivities set out in the taxonomyClimate change mitigation threshold set:net reduction in GHG emissions upon the base yearThe more stringent criteria between the EU Taxonomy and Chinas Green
179、Bond CatalogueGreen Agriculture CriteriaGoalNo separate sectoral goals have been set.The overall goals are resource conservation and recycling,ecological conservation,and adaptation to climate change.Supporting low-carbon agriculture and developing agriculture that is adaptive and resilient to clima
180、te change without undermining the climate resilience of the systems in which it operatesMitigating climate change,without separate sectoral goalsCategories and featuresThe agriculture criteria are focused on pollution control(primarily water resources and soil resources),green production inputs and
181、waste,and technological upgrading for the use of pesticides,livestock and poultry breeding waste,and the treatment of waste agricultural films.No unified green agriculture criteria have been set.The certification of activities follows existing national certification systems or rules.Certification cr
182、iteria have been set for emission reduction and climate adaptation for crop and livestock production.Mitigating climate changeAgriculture activitiesIn terms of agricultural production inputs,it is focused on pollution control,including water and soil pollution as well as pesticide inputs.In terms of
183、 outputs,it is focused on the treatment and utilisation of production by-products and waste,green warehousing,and the production,consumption,and trade activities of organic and green agricultural products.1)Perennial and non-perennial crop production and 2)livestock productionThe taxonomy for sustai
184、nable activities adopted by the EU and Chinas green finance catalogue are compared and evaluated,and commonly recognised economic activities are included in the Common Ground Taxonomy.Comparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 13Table 3.A comparison of ac
185、tivities across the Green Bond Endorsed Projects Catalogue(2021 Edition),the Climate Bonds Taxonomy,and the China-EU Common Ground Taxonomy for Sustainable Activities Green Bond Endorsed Projects Catalogue(2021 Edition)Climate Bonds TaxonomyChina-EU Common Ground Taxonomy for Sustainable ActivitiesG
186、reen agriculture criteriaRequirementsNo base year has been set,nor a requirement for emission reduction or adaptation to climate change.Projects or economic activities within the scope will be screened on two dimensions:1)GHG emission reduction;and 2)climate adaptation and resilience.Conditions for
187、mitigation:net reduction in GHG emissions or increase in carbon sequestration,measured in tCO2e,based on the starting year of the investment(known as the base year).Agricultural mitigation includes activities that reduce absolute emissions or emissions intensity(defined as emissions/unit of producti
188、on)or GHG efficiency against the base year or“business as usual”baseline projection.Mitigation also includes activities that store carbon in soil or biomass(trees,shrubs,crop,and grass).All bond issues shall contribute to climate change mitigation and increasing asset resilience,reducing absolute em
189、issions,or increasing carbon sequestration.Issues involving livestock shall meet minimum standards of animal welfare.Forests Tree planting Forest rehabilitation and restoration Forest management Forest resource conservationTable parison and analysis of the agriculture-related section of Chinas Green
190、 Bond Catalogue and Brazils financial incentives for green and low-carbon agricultureAgriculture Activities in Chinas Green Bond CatalogueAlignment with Brazil Green Agriculture Policy Comprehensive governance of agricultural and rural environment Prevention and control of surface pollution in agric
191、ulture,forestry,and grassland;and green approaches to prevention and control of crop pests and diseasesIntegrated Landscape Approach(ILA)Environmental compliance framework Landscape value Restoration and conservation of soil quality,water,and biodiversityInterconnection between adaptation and mitiga
192、tionReduce or limit soil rotationMaintain crop residues on the soil surface Reduce or limit uninterrupted tillage Maintain crop residues on the soil surface Maintain species diversification through crop rotation,intercropping and/or continuous cropping Operate effective emergency response systems,in
193、cluding prevention,control,and combat through the integrated risk management system,weather forecasting and early warning,and regional zoning Socio-economic and environmental performance analysis system Knowledge and technology transferAdoption and maintenance of Sustainable Production Systems,Pract
194、ices,Products and Processes(SPSABC)Rehabilitate degraded pastures No-tillage system Agroforestry system Commercial forestation Biological nitrogen fixation Irrigation system Animal manure treatment Intensive cattle finishing Confined cattle slaughter Other specific actions for climate change adaptat
195、ionComprehensive utilisation of biomass resources and clean energy Recycling of agricultural waste:facilities for recycling agricultural waste and their applications,such as facilities for the production of material fuels from crop residues and facilities for the production of biogas from livestock
196、and poultry pollution,and support for the manufacturing of biomass energy utilisation equipmentCleaner agricultural production Production of efficient pesticides with low-toxicity and residue as substitutes Control of livestock and poultry waste and pollution:clean farming retrofitting;construction
197、of facilities for farm wastewater,manure collection,and hazardous materials treatment;air pollution control retrofitting and construction,etc.Green agriculture:Agricultural resource conservation:modernised seed industry and qualified conservation of animal and plant species,construction and operatio
198、n of protected areas and reserves for agricultural crop cultivation,prevention and control of pests and biological disasters,and comprehensive rural land treatment Green agricultural supply:green organic agriculture,green livestock,and green fisheryComparison study of Chinese and Brazilian Agricultu
199、re Criteria Climate Bonds Initiative 14Table 5.Common green agriculture activitiesCommon Agriculture ActivityDescriptionAgricultural productivityReduce emissions and improve efficiency by upgrading of agricultural production technologies to increase the efficiency of agricultural production,includin
200、g innovations in seeds,fertilisers and machinery,digital technologies,and farm management practices.Resource efficiencyEnhance efficiency and sustainability of agricultural production by means of water-saving irrigation techniques,improved soil water retention capacity,etc.Agroecosystem construction
201、Improve ecosystem stability and climate resilience of agricultural production by conserving and restoring agroecosystems.Livestock and poultry manure treatment and applicationTreat and utilise livestock and poultry manure in a science-based way,including constructing manure treatment facilities such
202、 as bio-gasification and biogas power generation,to reduce environmental pollution,improve resource efficiency,and enhance the sustainability of agricultural production.Crop residue managementCollect crop residues for sustainable use,including recycling straws.Land restoration and conservationAdopt
203、land conservation policies to prevent land degradation and over-cultivation of land resources;increase net soil carbon sequestration.Energy,including energy contained in inputsPromote the development and utilisation of renewable energy in agriculture.Sustainable agriculture trainingEducation,promoti
204、on,and improvement of good agricultural practices.Comparison study of Chinese and Brazilian Agriculture Criteria Climate Bonds Initiative 15Endnotes1.IDB,Agriculture in Brazil and China:Challenges and Opportunities,2006.10,https:/publications.iadb.org/en/publication/agriculture-brazil-and-china-chal
205、lenges-and-opportunities 2.UNDP,Food system impacts on biodiversity loss,February 03,2021,https:/www.unep.org/resources/publication/food-system-impacts-biodiversity-loss 3.Macao Trade and Investment Promotion Institute,China imported US$50.8 billion in agricultural products from Brazil in 2022,31 Ja
206、n 2023,https:/www.ipim.gov.mo/zh-hans/portuguese-speaking-countries-news-sc/2023-01-31-2022%e5%b9%b4%e4%b8%ad%e5%9b%bd%e8%bf%9b%e5%8f%a3508%e4%ba%bf%e7%be%8e%e5%85%83%e5%b7%b4%e8%a5%bf%e5%86%9c%e4%ba%a7%e5%93%81/4.Xinhua,China,Brazil to boost investment,trade cooperation in multiple sectors,May 24,2
207、022,https:/ 5.Atlantic Council,What the Lula-Xi partnership means for the world,April 14,2023,https:/www.atlanticcouncil.org/blogs/new-atlanticist/what-the-lula-xi-partnership-means-for-the-world/6.China Agricultural Science and Technology Press,China Agricultural Outlook Report(2023-2032),2023,http
208、s:/www.agri- Bureau of Statistics of China,Statistical Bulletin of the Peoples Republic of China on National Economic and Social Development 2022,February 28,2023,https:/ agricultural products:Exports grew rapidly and imports continued to optimize,15 Feb 2023,https:/ 9.Constanza Valdes,Brazils Momen
209、tum as a Global Agricultural Supplier Faces Headwinds,September 27,2022,https:/www.ers.usda.gov/amber-waves/2022/september/brazil-s-momentum-as-a-global-agricultural-supplier-faces-headwinds/10.China Daily,China-Brazil Economic and Trade Cooperation Deepens,April 12 2023,http:/ ECLAC,Toward a New Er
210、a of Economic Cooperation between China and Latin America,2015.05,https:/repositorio.cepal.org/items/9ebff1ff-6919-4378-82a1-85010878aad712.Brazil-China Joint Statement on Combating Climate Change,April 2023.https:/www.gov.br/mre/en/contact-us/press-area/press-releases/brazil-china-joint-statement-o
211、n-combating-climate-change 13.Obersteiner,M.Forthcoming.Title TBD.,https:/ Are the Biggest Drivers of Tropical Deforestation?2018,https:/www.worldwildlife.org/magazine/issues/summer-2018/articles/what-are-the-biggest-drivers-of-tropical-deforestation#:text=Beef%20production%20is%20the%20top,and%20fo
212、urth%20biggest%20drivers)%20combined.15.China Environment News,How to Promote Emission Reduction and Carbon Sequestration in Agriculture?2023.09,https:/ 16 https:/www.gov.br/agricultura/pt-br/assuntos/noticias/plano-safra-2023-2024-incentiva-sustentabilidade-e-conta-com-13-programas-para-custeio-com
213、ercializacao-e-investimentos#:text=O%20Plano%20Safra%-202023%2F2024,familiares%20at%C3%A9%20os%20mega%20produtores17 https:/www.planalto.gov.br/ccivil_03/_ato2011-2014/2012/lei/l12651.htm 18 https:/www.gov.br/agricultura/pt-br/assuntos/sustentabilidade/planoabc-abcmais/publicacoes/abc-portugues.pdf1
214、8.https:/www.car.gov.br/#/19.https:/www.car.gov.br/#/20.Government of the Peoples Republic of China,.Chinas green bond stock is the largest in the world,https:/ 21.S,Chinas Green Loan Balance Exceeds 22 trillion yuan,May 28,2023,https:/ Bonds source states:Climate Bonds recorded USD85.4bn(RMB 575.2b
215、n)in its Green Bond Database(GBDB)in 2022,with a cumulative tally of USD286.9bn(RMB1.9tn).China was the largest source of green bonds in 2022,according to Climate Bonds definition.23.Latin America and the Caribbean State of the Market 2022,Climate Bonds Initiative,August 2023,Untitled design()24.Ana
216、 Garcia,Maria Elena Rodriguez,.etc.Chinese Investments in Brazil:Investment Data,Public Policies for Investment Facilitation And The Case Of The Manaus Industrial Pole,https:/bricspolicycenter.org/wp-content/uploads/2023/07/BRICS_ChinaBrasil-7.pdf25.Source of Data:Data sources:Forests&Finance,https:
217、/forestsandfinance.org/26.Ministry of Commerce of the Peoples Republic of China,Instructions for Applying for the Special Loan for China-Latin America Infrastructure,June 24,2015,http:/ Administration of Customs of the Peoples Republic of China,2022 Import and Export Monthly Statistical Report.http:
218、/ Environment News,“What are the climate change risks to the Belt and Road Initiative investments?August 18.2023,http:/ 29.Brazils Ministry of Agriculture and Livestock.Harvest Plan 2023/2024 encourages sustainability and has 13 investment programs.July 14 2023.https:/www.gov.br/agricultura/pt-br/as
219、suntos/noticias/plano-safra-2023-2024-incentiva-sustentabilidade-e-conta-com-13-programas-para-custeio-comercializacao-e-investimentos30.Chinas Ministry of Agriculture,National Development and Reform Commission,Ministry of Science and Technology,etc.,issued a notice on the issuance of the“National A
220、gricultural Sustainable Development Plan(2015-2030)”,May 20 2015,http:/ 31.Chinas Ministry of Agriculture and Rural Affairs,Notice on Issuing the“Technical Guidelines for Agricultural Green Development(2018-2030)”,July 2 2018,http:/ Ministry of Agriculture and Rural Affairs,National Development and
221、Reform Commission,Ministry of Science and Technology,etc.,issued a notice on the issuance of the“14th Five-Year Plan for National Agricultural Green Development Plan”,September 7 2021 http:/ of Agriculture and Rural Affairs and National Development and Reform Commission,Notice on Issuing the Agricul
222、tural and Rural Emission Reduction and Carbon Sequestration Implementation Plan,June 29 2022 http:/ Bonds Initiative:Shaoxin Li,Sheila AlvesInstitute of Finance and Sustainability(IFS):Yunwen BaiStrategic ConsultantZhejiang University:Prof.Kevin Zhigang ChenAcknowledgement:Xie Wenhong,Caroline Harri
223、son,Leonardo Gava,Bridget Boulle,Matteo Bigoni,Leisa Souza,Xinxi Chen(IFS),Jinyu YangDesign:Godfrey Design,Joel MilsteadDisclaimer:The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser.Any refer
224、ence to a financial organisation or debt instrument or investment product is for information purposes only.Links to external websites are for information purposes only.The Climate Bonds Initiative accepts no responsibility for content on external websites.Climate Bonds Initiative is not endorsing,re
225、commending,or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should be taken as such,nor should any information in this communication be relied upon in making any investment decision.Certification under the Clim
226、ate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument.It does not reflect the credit worthiness of the designated debt instrument,nor its compliance with national or international laws.A decision to invest in anything is solely yours.The Climat
227、e Bonds Initiative accepts no liability of any kind,for any investment an individual or organisation makes,nor for any investment made by third parties on behalf of an individual or organisation,based in whole or in part on any information contained within this,or any other Climate Bonds Initiative public communication.Prepared by the Climate Bonds Initiative Published by Climate Bonds Initiative,December Supported by the Gordon and Betty Moore Foundation