{"id":91938,"date":"2024-11-22T08:22:44","date_gmt":"2024-11-22T11:22:44","guid":{"rendered":"https:\/\/murray.adv.br\/?p=91938"},"modified":"2024-11-22T08:22:45","modified_gmt":"2024-11-22T11:22:45","slug":"carbon-tax-poses-limited-impact-on-financial-system-central-bank-says","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/carbon-tax-poses-limited-impact-on-financial-system-central-bank-says\/","title":{"rendered":"Carbon tax poses limited impact on financial system, Central Bank says"},"content":{"rendered":"\n<h6 class=\"wp-block-heading has-text-align-center\"><em><strong>Study model assesses additional emission costs through sector-specific tax imposition<\/strong><\/em><\/h6>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>11\/21\/2024 <\/p>\n\n\n\n<p>The Financial Stability Report (FSR) for the first half of the year indicated that a simulation measuring the effects of implementing a carbon tax to address climate risk shows a \u201climited impact\u201d on Brazil\u2019s National Financial System. The FSR was released by the Central Bank on Thursday (21).<\/p>\n\n\n\n<p>\u201cThe results suggest the impact on the capital of institutions is limited, due to a moderate increase in Non-Performing Assets in sectors most affected by the carbon tax.\u201d<\/p>\n\n\n\n<p>The study evaluated gross greenhouse gas emissions, sector exposure relative to added value, and dependency on international markets. The model incorporates an additional cost for emissions by imposing a tax on economic sectors.<\/p>\n\n\n\n<p>Two scenarios were considered, with gradually increasing costs starting in 2025, reaching $50 per tonne emitted by 2030 in one scenario, and $100 per tonne in the other. According to the FSR, financial institutions experienced losses concentrated in the manufacturing, construction, and transportation sectors \u201cdue to the rise in non-performing assets.\u201d<\/p>\n\n\n\n<p>The study highlighted that sectors such as agriculture and transportation show \u201cthe largest reductions in added value compared to a scenario without a carbon tax.\u201d This reduction \u201cresults from increased production costs within the sector and the cost of inputs used in production sourced from other sectors.\u201d<\/p>\n\n\n\n<p>In the agricultural sector, the study noted, the proportion of non-performing assets is low, despite high exposure, \u201cwhich explains the lesser impact compared to other sectors.\u201d<\/p>\n\n\n\n<p><strong>Floods<\/strong><\/p>\n\n\n\n<p>The FSR also reported that the impact of the floods faced by the Rio Grande do Sul state earlier this year on the National Financial System was \u201cless than initially expected.\u201d According to the report, no \u201csystematically relevant changes\u201d were observed in deposits, liquidity, or credit risk of supervised entities operating in the state. \u201cRegarding the agricultural sector, losses from Proagro [Agricultural Activity Guarantee Program] coverage payments were significantly lower than losses caused by the droughts of 2022 and 2023.\u201d<\/p>\n\n\n\n<p>The document noted that the floods occurred after most of the harvest had been completed. The FSR also highlighted a \u201cslight increase\u201d in deposits in the state, \u201cpossibly due to the lack of alternative allocations for clients.\u201d Few physical structures of institutions were significantly affected, according to the report.<\/p>\n\n\n\n<p>Regarding portfolio impact, the FSR emphasized that some entities renegotiated \u201csubstantial\u201d installments, but the issues remained limited in scope.<\/p>\n\n\n\n<p>\u201cThe volume of restructured credit operations with borrowers in Rio Grande do Sul increased significantly, especially for individuals and in rural credit. However, the volume of renegotiations is small compared to the portfolio as a whole.\u201d<\/p>\n\n\n\n<p>The document noted that initiatives by the National Monetary Council and the Central Bank protected service provision and avoided \u201cunnecessary burdens\u201d on individuals and businesses. \u201cThe measures aimed to preserve financial stability and protect consumers. The Central Bank continues to monitor financial intermediation in the region, with less emphasis, due to the perceived reduction in risks.\u201d<\/p>\n\n\n\n<p>*By Gabriel Shinohara, Valor \u2014 Bras\u00edlia<\/p>\n\n\n\n<p>Source: Valor International<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Study model assesses additional emission costs through sector-specific tax imposition 11\/21\/2024 The Financial Stability Report (FSR) for the first half of the year indicated that a simulation measuring the effects of implementing a carbon tax to address climate risk shows a \u201climited impact\u201d on Brazil\u2019s National Financial System. The FSR was released by the Central [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[16043,25654],"class_list":["post-91938","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-carbon-tax","tag-limited-impact-on-financial-system"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Carbon tax poses limited impact on financial system, Central Bank says - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/carbon-tax-poses-limited-impact-on-financial-system-central-bank-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carbon tax poses limited impact on financial system, Central Bank says - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Study model assesses additional emission costs through sector-specific tax imposition 11\/21\/2024 The Financial Stability Report (FSR) for the first half of the year indicated that a simulation measuring the effects of implementing a carbon tax to address climate risk shows a \u201climited impact\u201d on Brazil\u2019s National Financial System. 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