OTC Market

The OTC Market is our environment for trading assets not listed on an exchange, which encompasses government bonds, CDBs, LCIs, debentures and more. Every year, we develop and strengthen ESG solutions for this market. See some of the initiatives.

Decarbonization Credits (CBIO)

The National Biofuels Policy (RenovaBio) was established in 2017, to make the obligations that Brazil took on at the 2015 United Nations Congress on Climate Change (COP 21) viable.

Brazil established annual decarbonization targets for the fuel sector, with the objective of increasing bioenergy in the Brazilian energy matrix to approximately 18% of the total by 2030.

The Decarbonization Credit (CBIO) is one of the instruments that RenovaBio has adopted as a tool to meet the target. Biofuel producers and importers issue it based on their purchaseand sales receipts, and the credit has to be certified by the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP).

In return, the fossil fuel distributors have annual decarbonization targets that the ANP calculates, based on the proportion of fossil fuels that they commercialize. Acquiring CBIOs is the only way to meet the targets. Each CBIO corresponds to one ton of avoided CO2.

B3 also provides statistical information regarding the CBIO through consultations provided on this page. You may access:

Definitive transactions – data regarding transactions registered in the selected period
Deposited volume – volume registered per day in the selected period
Inventory – total accumulated daily inventory
Retirement – daily retired volumes in the selected period.

Investors interested in CBIOs must directly contact a financial institution with which they have a business relationship, to intermediate the transaction, as B3 does not have the authority to designate these. Although there is no restriction against the public that may acquire the CBIO, please note that it is mandatory for fossil fuel distribution companies to acquire these instruments as a way to meet the decarbonization targets established by Law 13.576.

Decarbonization Credit (CBIO) sheet

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ESG Bonds

In recent years, the market has developed a range of financial instruments to enable financing of sustainable economic activities.

These include:

Green, Social and Sustainable Bonds:

These are debt instruments issued by companies, governments and multilateral entities and are traded in the capital market to attract capital to projects that are based on a positive socio-environmental impact.

Sustainability-Linked Bonds

These are a mechanism to raise resources whereby the company issues a debt security with interest linked to meeting sustainability commitments.

Issuances of both types of bonds have been in trading environment since November 2018. At the ESG Workspace platform we disclose information about sustainability-linked transactions registered in the OTC market.

Carbon Market

In 2023, B3 launched its carbon credits registration environment and announced a partnership with ACX, a global trading platform that focuses on connecting carbon project developers with companies, investors and other stakeholders in the industry. The purpose of the agreement is to develop a trading platform for the carbon credits market in Brazil that is integrated with B3´s registration platform. This partnership will enable B3’s clients to access the ACX international trading platform with a centralized order book and stay connected to the world’s main certifiers.