Desenvolvimentos sustentável e regulação financeira: convergências e assimetrias entre a taxonomia brasileira e os paradigmas internacionais

Abstract

This work aims to analyze the role of sustainable taxonomy in international and Brazilian financial law. The research addresses international discussions regarding the financing of the ecological economic transition and the need to promote the transformation of economic activities to mitigate the impacts of the triple planetary crisis. To this end, it analyzes the pioneering taxonomy models adopted by the European Union and the Association of Southeast Asian Nations (ASEAN), as well as the discussions and challenges faced in the Brazilian context, exploring legal aspects and the functions of the Brazilian sustainable taxonomy (TSB). Sustainable taxonomy is presented as a tool to help fulfill the 2030 Agenda commitments and achieve a net-zero economy by 2050, combating greenwashing by standardizing technical criteria on "what is sustainability." The study examines the TSB's sphere of influence within the financial market to expose regulatory confluence points that may advance with its adoption. The work concludes with the necessity of establishing legacy rules in the TSB and using the regulation as a paradigm for the reinsertion of subnational entities into the national financial system, given the discontinuation of tax benefit regimes promoted by Constitutional Amendment 132/2023, potentially acting as a mechanism of extrafiscality (regulatory taxation) and environmental taxation.