On October 16, 2026, the Secretariat of Economic Policy of Brazil's Ministry of Finance (Ministério da Fazenda), through the Subsecretariat for Sustainable Economic Development, opened the public consultation "Taxonomia Sustentável Brasileira: 2ª edição" (Brazilian Sustainable Taxonomy, second edition) on Brasil Participativo. The consultation closes on November 20, 2026. Brazilian companies in the eight TSB-covered sectors that seek taxonomy-aligned green financing, Brazilian banks and asset managers that offer TSB-aligned products, Brazilian issuers of green and sustainability-linked bonds, and international investors and lenders that finance Brazilian green projects under TSB criteria must review the draft sector notebooks for their activity and file contributions by November 20, 2026, or activities that miss the finalized criteria will not qualify as taxonomy-aligned for green financing, sustainability-linked bonds and disclosure once the second edition is adopted.
The page, run by the Secretariat of Economic Policy (contact [email protected]), puts ten documents out for comment: sectoral notebooks (cadernos setoriais) for eight economic sectors, with technical criteria for three environmental objectives (biodiversity, sustainable land use and the circular economy), a thematic notebook on the social objective of reducing regional and territorial inequalities, and a methodological notebook. Each form accepts up to ten comments and may be filed only once per CPF. A longer file can be attached. A respondent may file on as many notebooks as they choose. The official consultation page is the Brasil Participativo process TSB2edicao.
What does the TSB second edition consultation add?
The consultation adds draft classification criteria for biodiversity, sustainable land use and the circular economy, plus a social objective and a methodology, on top of the taxonomy created by Decree 12.705/2025 (Decreto 12.705/2025, signed on October 31, 2025 and published in the Diário Oficial da União on November 3, 2025).
That decree set the Brazilian Sustainable Taxonomy as a science-based classification of activities, assets and projects that contribute to climate, environmental and social objectives, governed by the CITSB chaired by the Ministry of Finance (created by Decree 11.961/2024). The first edition already covered eight sectors. Use stays voluntary during a transition of up to three years before mandatory use is phased in. This consultation is the release of the technical notebooks, not a new decree.
| Notebook | What is open for comment |
|---|---|
| CNAE A | Agriculture, livestock, forestry, fishing and aquaculture |
| CNAE B | Extractive industries |
| CNAE C | Manufacturing |
| CNAE D | Electricity and gas |
| CNAE E | Water, sewage, waste management and decontamination |
| CNAE F | Construction |
| CNAE H | Transport, storage and postal services |
| Social services and tourism | Sector notebook, outside the CNAE letter series on the form list |
| Regional and territorial inequalities | Thematic notebook on the social objective |
| Methodology | Methodological notebook |
Who should file, and on which notebook?
Companies whose activities sit in those eight sectors and that want taxonomy-aligned financing should file on the matching sector notebook, because those criteria will define which activities, assets and projects count as aligned.
Banks and asset managers that label products as TSB-aligned, and issuers of green or sustainability-linked bonds that point at TSB criteria, should read the same notebooks plus the methodological notebook, which sets how contribution is judged. International lenders financing Brazilian projects against TSB criteria face the same classification once the second edition is adopted. The notebooks themselves are the PDFs on the Cadernos tab.
What must be filed by November 20, 2026?
Contributions close on November 20, 2026 (the process opened on October 16, 2026). The consultation page states three steps: read the PDFs, open the form for that notebook, and send the contribution.
- Download the sector, social and methodology PDFs from the Cadernos tab and mark every criterion that would reclassify a current activity, asset or labelled product.
- Draft comments on substantial contribution under biodiversity, sustainable land use and the circular economy, and on the social objective where the thematic notebook applies.
- Submit one form per notebook, with at most ten comments, attaching a single document if the comments do not fit, before November 20, 2026. Each form can be sent only once per CPF.
- Coordinate internally first: a second submission from the same CPF on the same form is not accepted.
Continuous per-jurisdiction monitoring is how a team sees a consultation of this kind on the day the process page opens, rather than after the form has closed.
What happens if the finalized criteria are missed?
The consultation page does not set a fine. The effect sits in the taxonomy itself: once the second edition is adopted, an activity, asset or project that does not meet the finalized criteria will not qualify as taxonomy-aligned for green financing, sustainability-linked bonds and disclosure that rely on the TSB.
Nothing in this consultation changes the voluntary transition of up to three years under Decree 12.705/2025, and it does not itself switch mandatory use on. Comments filed after November 20, 2026 are outside the window the process page states.
Before November 20, 2026, confirm which notebooks match the activities you finance or label, assemble one submission per notebook, and brief treasury, sustainability and product teams on the criteria that would drop an activity out of taxonomy alignment. Obsidian tracks the TSB notebooks and the adoption step that follows this consultation.
