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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on November 13 an addendum to the Memorandum of Understanding (MOU) with Banco Nacional de Desenvolvimento Econômico e Social (BNDES), taking the opportunity of the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30).
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In March 2025, JBIC signed an MOU
*1 to strengthen the relationship with BNDES, taking the opportunity of the visit to Japan by the President of Brazil, H.E. Luiz Inácio Lula da Silva. This addendum is concluded for the purpose of establishing the seventh credit line to support climate change-related areas, primarily in the biofuel and power transmission sectors, within the broad areas of cooperation stipulated in the MOU. JBIC established the sixth such credit line made to BNDES in March 2011
*2.
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BNDES is Brazil's only policy-based financial institution specializing in providing long-term funds. Given the mission of fostering sustainable development in the Brazilian economy, BNDES is actively providing support for climate change measures and industrial innovation, in addition to its previous infrastructure support. Against this backdrop, JBIC and BNDES have built up a close cooperative relationship over 60 years, with JBIC providing loans and technical assistance to projects in Brazil, in such areas as industrial investment, export promotion, and infrastructure development. JBIC aims to strengthen its partnership with BNDES, which possesses strengths in infrastructure development. Through this collaboration, JBIC expects to enhance its future capacity to support not only the production but also the logistics of biofuels.
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Furthermore, as the host of COP30, the Brazilian government is presented with a significant opportunity to play a leading international role in climate change-related fields. It has positioned the development of renewable energy and biofuels as specific investment targets in its Programa de Aceleração do Crescimento (PAC, Growth Acceleration Program). The MOU will also contribute to the government’s initiatives.
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In May 2024, when then-Prime Minister of Japan KISHIDA Fumio visited Brazil, the two countries launched a new international framework, the Initiative for Sustainable Fuel and Mobility (ISFM). It aims to achieve carbon neutrality by combining Brazil's high potential in biofuels and e-fuels with Japan's high-performance mobility equipment, such as hybrid engines. Additionally, in September 2025, Japan and Brazil co-chaired the first Ministerial Meeting on Sustainable Fuels, held in conjunction with Expo 2025 Osaka, Kansai, Japan. The meeting brought together 34 countries and organizations, reaffirming that sustainable fuels, such as biofuels, play a vital role not only in reducing greenhouse gas emissions, but also in contributing toward energy security, economic growth, and job creation. At the COP30 Leaders’ Summit held in November 2025, Brazil, as the chair country, jointly with Japan and Italy, announced a target to more than fourfold the use of sustainable fuels, including biofuels, by 2035 compared to 2024 levels, with 19 countries endorsing it. The MOU aligns with these intergovernmental efforts. It is expected to support the realization of a decarbonized society, which is pursued by both countries, the maintenance and development of Japan’s automotive industry, and the enhancement of Japan’s economic security.
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As Japan's policy-based financial institution, JBIC will continue to financially support the creation of business opportunities and the promotion of business for Japanese companies and contribute toward the further development of close economic relations between Japan and Brazil while collaborating with such overseas policy-based financial institutions.
