Instrumentos de regulação e fiscalização das políticas ESG na emissão de títulos verdes

Abstract

This research sought to analyze the regulatory and supervisory instruments of ESG criteria in the issuance of green bonds to determine the degree of applicability of the rules of economic environmental law, especially the application of the principles of sustainable development, precaution, and prevention in environmental law, as well as the provisions in articles 225 and 170, caput, III and VI, of the Federal Constitution, based on an integrative analysis regarding the hierarchy of norms in relation to the regulatory guidelines of CVM (Securities and Exchange Commission). Research was carried out on theoretical and normative bases, starting the study with research on economic environmental law and a deepening of the ESG context, followed by a study on the financial market structure. With these bases consolidated, the study properly addressed green bonds, which involved extensive data analysis through reports from specialized institutions and several scientific articles on Economics, highlighting their contribution to sustainable development. Finally, the main regulatory and supervisory instruments of the ESG criteria in the issuance of green bonds were selected and analyzed. The conclusion was that the degree of applicability of the principles of economic environmental law is of constitutional norm with limited efficacy