Gestoras brasileiras priorizam critérios ESG

Brazilian Asset Managers Prioritize ESG Criteria and Avoid Poor-Performing Investments

Written by Paulo H. S. Nogueira

Published on 13/01/2026 at 13:01

Gestoras brasileiras priorizam critérios ESG e evitam investimentos com desempenho ruim

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The Brazilian financial market is undergoing a transformation, and ESG criteria are now central to the decision-making of managers.
According to Anbima, a reference in the national capital market, 38% of managers have stopped investing in assets due to unsatisfactory performance in environmental, social, or governance issues.

This information is part of the study Portrait of Sustainability in the Capital Market, released by the association at the beginning of 2026.
The survey indicates that practices previously seen as differentiators have become minimum requirements for companies that wish to attract resources.

ESG Moves From Discourse to Influencing Capital

The data shows a structural change.
Managers who work with diversified portfolios have begun to evaluate risks and impacts not only based on immediate financial returns.
Thus, assets that ignore environmental, social, or corporate transparency policies tend to lose ground.

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Moreover, the study identifies that this process is occurring more consistently year after year.
Companies that clearly incorporate ESG criteria become more competitive and can access capital more cheaply.
Consequently, this effect is expected to stimulate broader adoption of these policies across different sectors of the economy.

Investors Demand More Responsibility from Companies

The survey also shows that the change is not only coming from managers.
Institutional investors and individuals are pushing for funds aligned with sustainability.
This behavior alters the dynamics of the industry, which now needs to cater to individuals who are more informed about climate and reputational risks.

At the same time, managers believe that ignoring ESG factors could result in future losses, such as regulatory fines, damage to reputation, and even loss of international markets.
Therefore, socio-environmental criteria are no longer optional and have become an essential part of investment policies.

Brazil Follows Global Trend

Developed countries already link capital to environmental and social indicators.
And gradually, Brazil is following the same path.
Companies need to adopt clear metrics, disclose results, and prove that they meet their commitments.

According to experts consulted in the study, Brazilian banks and managers are moving rapidly in this direction.
Although the process still requires standardization and improvement, progress confirms that the local market is keeping up with the global debate on sustainable finance.

What the Study Means for the Future

The data from Anbima reinforces that the financial market places increasing value on companies aligned with good practices.
As a result, companies that have yet to invest in environmental and social policies may face greater difficulty in raising funds.

Furthermore, the trend is expected to grow.
As regulations advance and climate goals gain public visibility, poorly performing ESG assets are likely to lose liquidity and relevance.

Therefore, the capital market report serves as a warning and impetus: sustainability and transparency have become fundamental criteria for attracting investments.

The results were released by Anbima at the beginning of 2026, in the study Portrait of Sustainability in the Capital Market.
The survey showed that 38% of managers have already avoided assets with poor ESG performance, reinforcing the growing weight of these factors in the Brazilian financial industry.

Thus, ESG consolidates itself as an element that defines strategies, guides portfolios, and shapes the future of the market.

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