Brazil's National Treasury published its second Allocation and Impact Report — the RAI 2025 — on 14 November 2025, providing a detailed breakdown of how proceeds from its sovereign sustainable bonds issued in November 2023 and June 2024 have been deployed across green and social expenditure categories.
The November 2023 bond has reached full allocation: 100% of its proceeds have been disbursed, with 60% directed to green expenditures and 40% to social expenditures. Those disbursements were executed between January 2023 and June 2025. The June 2024 bond has had 65.2% of its proceeds accounted for in this report, with the remaining 34.5% deferred to the next annual instalment, expected in 2026.
GREEN EXPENDITURES LED BY NATURAL RESOURCES
On the environmental side, the November 2023 bond's largest green categories were Terrestrial and Aquatic Biodiversity (18%), Renewable Energy (15%) and Living and Natural Resources and Land Use (14.5%); for the June 2024 bond, Living and Natural Resources and Land Use led at 13.6%, followed by Renewable Energy at 11.2%. For the June 2024 bond, green expenditures represented 25.2% of proceeds, equivalent to BRL 2.73 billion, with further green allocations to be disclosed in the 2026 reporting cycle.
SOCIAL ALLOCATION TARGETS POVERTY REDUCTION
Social expenditures accounted for 40% of the November 2023 bond's proceeds, with Combating Poverty at 30% of proceeds and Food Security and Sustainable Food Systems at 10%. For the June 2024 bond, Combating Poverty accounted for 36% and Access to Basic Infrastructure for 4%. For the June 2024 bond, social expenditures have reached BRL 4.33 billion, again representing 40% of net proceeds, the same proportion as the November 2023 bond.
The Treasury said the remaining 34.5% of June 2024 proceeds will be reported in the RAI 2026 edition.