CMN Resolution No. 5,095 — Financing Supported by Resources of the National Fund on Climate Change (FNMC)

CMN RESOLUTION NO. 5,095, OF AUGUST 24, 2023

Provides for financing supported by resources of the National Fund on Climate Change (FNMC).

The Central Bank of Brazil, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on August 24, 2023, based on Arts. 9 of Law No. 12,114, of December 9, 2009, and 16 of Decree No. 9,578, of November 22, 2018,

R E S O L V E D:

Art. 1 Financing backed by resources of the National Fund on Climate Change (FNMC), linked to the Ministry of Environment and Climate Change, aims to support the implementation of projects, technological and productive capacity development, and the acquisition of machinery and equipment related to the mitigation of greenhouse gas emissions and adaptation to climate change and its effects, being destined for the following purposes, observing the priorities defined by the FNMC Management Committee:

I - resilient and sustainable urban development;

II - green industry;

III - green transport logistics, public transport, and green mobility;

IV - energy transition;

V - native forests and water resources;

VI - green services and innovation.

Art. 2 The following conditions apply to financing backed by FNMC resources:

I - charges to borrowers, as remuneration for financial institutions: (Revised by CMN Resolution No. 5,240, of 8/22/2025.)

a) of the National Bank for Economic and Social Development (BNDES):

1. in direct operations: up to 3.5% p.a. (three and five-tenths percent per year);

2. in indirect operations: up to 0.9% p.a. (nine-tenths percent per year) when referring to operations with a beneficiary that has annual income or Gross Operating Revenue (GOR) of up to R$90,000,000.00 (ninety million reais) and up to 1.4% p.a. (one and four-tenths percent per year) when referring to operations with other beneficiaries;

b) of the accredited financial institution operator by BNDES, in indirect operations: up to 2.5% p.a. (two and five-tenths percent per year);

II - charges to borrowers, as remuneration to the FNMC: (Revised by CMN Resolution No. 5,240, of 8/22/2025.)

a) for the purposes referred to in Art. 1, caput, items I, II, III, and VI: 6.50% p.a. (six and fifty-hundredths percent per year); or (Revised by CMN Resolution No. 5,240, of 8/22/2025.)

b) for the purposes referred to in Art. 1, caput, item IV: (Revised by CMN Resolution No. 5,190, of 12/19/2024.)

1. 9.50% p.a. (nine and fifty-hundredths percent per year) for the following specific purpose: solar energy generation; or (Revised by CMN Resolution No. 5,240, of 8/22/2025.)

2. 6.50% p.a. (six and fifty-hundredths percent per year) for the following specific purposes: new renewable sources and isolated systems with renewables; wind energy generation; biomass and waste energy generation; energy storage, energy efficiency, and grid modernization; and development of production chains; or (Revised by CMN Resolution No. 5,240, of 8/22/2025.)

c) for the purpose referred to in Art. 1, caput, item V: 1% p.a. (one percent per year); (Revised by CMN Resolution No. 5,240, of 8/22/2025.)

III - repayment term: (Revised by CMN Resolution No. 5,190, of 12/19/2024.)

a) for the purposes referred to in Art. 1, item I:

1. up to 16 (sixteen) years, including up to 5 (five) years of grace, for application in the following specific purposes: energy efficiency in public buildings, efficient public lighting, and sustainable urban waste management;

2. up to 25 (twenty-five) years, including up to 5 (five) years of grace, for application in the following specific purposes: urban green areas, disaster risk reduction, increased resilience, and adaptive capacity;

b) up to 16 (sixteen) years, including up to 5 (five) years of grace, for application in the purpose provided for in Art. 1, item II;

c) up to 25 (twenty-five) years, including up to 5 (five) years of grace, for application in the purpose provided for in Art. 1, item III;

d) up to sixteen years, including up to six years of grace, for application in the purpose provided for in Art. 1, caput, item IV, excluding wind energy generation; (Revised by CMN Resolution No. 5,190, of 12/19/2024.)

e) up to twenty-four years, including up to six years of grace, for application in the wind energy generation purpose provided for in Art. 1, caput, item IV; (Revised by CMN Resolution No. 5,190, of 12/19/2024.)

f) up to twenty-five years, including up to eight years of grace, for application in the purpose provided for in Art. 1, caput, item V; and (Revised by CMN Resolution No. 5,190, of 12/19/2024.)

g) up to twelve years, including up to two years of grace, for application in the purpose provided for in Art. 1, caput, item VI; and (Included by CMN Resolution No. 5,190, of 12/19/2024.)

IV - operation risk: of the financial institution accredited by BNDES or of BNDES itself, when operating directly, with BNDES continuing, in both cases, to bear the risks vis-à-vis the FNMC.

§ 1 The financial charges referred to in this article may be capitalized during the grace period.

§ 2 If the resources used in granting credit referred to in this article are raised with higher financial charges and shorter terms than those provided for in items II and III of the caput, the charges to borrowers cannot be lower than the cost of raising funds and the term cannot be longer than that of the raising.

§ 3 The interest rates of the financing contracts shall be calculated by converting the charges provided for in items I, sub-items “a” and “b”, and II of the caput, as applicable, into factors, and their subsequent multiplication. (Included by CMN Resolution No. 5,240, of 8/22/2025.)

Art. 3 (Revoked by CMN Resolution No. 5,190, of 12/19/2024.)

Art. 4 Resolution No. 4,267, of 2013, is revoked.

Art. 5 This Resolution enters into force on September 1, 2023.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil