Brazilian capital market in transformation: a historical trajectory of the ESG agenda
A historical journey through the environmental, social and governance practices that have accompanied institutional and social changes in the Brazilian capital market overtime
The ESG agenda stems from historical processes, institutional decisions, and social changes dynamics that are also evident in the Brazilian capital market.This exhibit shows how the Stock Exchange has contributed for decades to integrating sustainability, governance and culture.
At the end of the 20th century, environmental and social crises broadened the reflection on the role of companies in society. This scenario led the market to incorporate socio-environmental values, reinforcing the role of companies in building a more sustainable economy.
Launched in 2000, the United Nations Global Compact invited companies to align their strategies with universal principles of human rights, labor, the environment, and the fight against corruption.
2000 | Novo Mercado (New Market)
In line with the global context, Bovespa created the Novo Mercado (New Market) to raise governance standards in the country. By demanding greater transparency in business transactions, the segment increased investor confidence and boosted the modernization of the Brazilian market.
Launch of the 2018 Social and Environmental Stock Exchange Projects (2018-03-22/2018-03-22) by Samuel KimMUB3 – Brazilian Stock Exchange Museum
2003 | Social and Environmental Stock Exchange - BVS&A
As an extension of the socio-environmental agenda, BVS&A was launched. The initiative connected investors, companies, and civil society organizations, enabling support for social and environmental projects of non-governmental organizations.
In 2004, the UN's "Who Cares Wins" report officially adopted the acronym ESG (Environmental, Social, and Governance), consolidating the view that preserving environmental resources and social values are vital for market sustainability. Since its creation, the acronym has ceased to be a concept restricted to the market and has become a management model.
UN Global Compact (2004-12-03/2004-12-03) by Percio LimaMUB3 – Brazilian Stock Exchange Museum
2004 | International Pioneering
In 2004, Bovespa became the first stock exchange to join the UN Global Compact, reaffirming its institutional commitment to economic development that is mindful of social and environmental issues.
Carteira ISE (2007-11-27/2007-11-27) by Antonio CarreiroMUB3 – Brazilian Stock Exchange Museum
2005 | Corporate Sustainability Index - ISE
The first sustainability index in Latin America and the fourth in the world, the ISE evaluates companies based on environmental, social, economic, and governance criteria.
10ª Carteira ISE (2014-11-27/2014-11-27) by Luiz PradoMUB3 – Brazilian Stock Exchange Museum
The launch of the ISE signaled the importance of sustainability for the market, motivating listed companies to strengthen their sustainable practices and increase transparency regarding the impacts of their activities.
With the emergence of indicators like this, investors began to consider socio-environmental criteria in their decisions from the second half of the 2000s onwards. In this scenario, sustainability ceased to be a differentiating factor and became understood as part of companies' long-term strategy.
ICO2 B3 (2024-06-13/2024-06-13) by UnknownMUB3 – Brazilian Stock Exchange Museum
2010 | Carbon Efficiency Index - ICO2
Created by BM&FBOVESPA, ICO2 broadened the agenda and stimulated discussions about climate change, bringing together companies committed to reducing emissions of polluting gases.
Ring the Bell for Gender Equality (2023-03-08/2023-03-08) by UnknownMUB3 – Brazilian Stock Exchange Museum
2017 | Ring the Bell for Gender Equality
B3 was the first stock exchange in the Americas to adhere to the UN Women's Empowerment Principles. With this milestone, it formalized its commitment to gender equality and women's economic autonomy, values that guide the institution to this day.
2020 | Sustainable Buildings
The modernization works on the buildings at Rua XV de Novembro and Praça Antônio Prado adopted eco-efficient solutions, such as clean energy and environmental certifications. This initiative reinforced B3's commitment to ecological responsibility in the maintenance of its buildings.
Diversity, equity and inclusion on the ESG agenda.
Starting in 2020, themes such as diversity, equity, and inclusion gained centrality in the global debate on sustainability, broadening the scope of the ESG agenda beyond environmental issues.
IDIVERSA B3 (2023-08-15/2023-08-15) by UnknownMUB3 – Brazilian Stock Exchange Museum
2023 | IDIVERSA B3
The first Latin American index to include gender and race criteria, comparing the diversity of listed companies to the profile of the Brazilian population. Created in 2023, it was developed with the participation of companies and regulatory bodies.
2024 | Green Initiatives
B3 has launched the "Green Shares" designation, the second of its kind in the world, to highlight companies in the green economy. The initiative increases transparency for investors and reinforces the leading role of the capital market in environmental and social practices (ESG).
2025 | COP30 and the carbon market
At the 30th United Nations Climate Change Conference, B3 presented proposals to boost the carbon market, including a digital currency to increase liquidity and reduce risks in the carbon market.
Temporary exhibition "Construir Futuros: Cidades Sustentáveis em jogo" (2026-01-17/2026-01-17) by Ana RovatiMUB3 – Brazilian Stock Exchange Museum
The evolution of the ESG agenda in the Brazilian market reflects adaptation to global transformations and social demands. In this context, B3 acts as a strategic agent to promote a more sustainable, transparent, and innovative market.
With the aim of stimulating reflection on current issues such as the relationship between sustainability and education, culture and the capital market, MUB3 presented, in 2026, the temporary exhibition Building Futures: Sustainable Cities at play.
Temporary exhibition "Construir Futuros: Cidades Sustentáveis em jogo" (2026-01-17/2026-01-17) by Ana RovatiMUB3 – Brazilian Stock Exchange Museum
2026 | Building Futures: Sustainable Cities at play
With an interactive approach, the MUB3 exhibition connected memory and the city to learning about ESG practices. The exhibition simplified essential concepts and reinforced the 11th Sustainable Development Goal (SDG) of the UN's 2030 Agenda.
Considered a core value for MUB3 - the Brazilian Stock Exchange Museum - sustainability, as well as financial education, permeates the actions developed by the institution, aiming to broaden the debate on relevant topics in society and the Brazilian capital market.
This exhibition highlights how the ESG agenda accompanies broad transformations in
the way the capital market is conceived and organized in Brazil. By bringing together
these milestones, it emphasizes a constantly evolving path, in which social,
environmental, and governance practices gain historical significance. MUB3, by
preserving and communicating this trajectory, contributes to broadening the
understanding of its meanings and future developments.
B3 EDUCATION AND CULTURE
Presidency
Gilson Finkelsztain
Technical and Accounting Directorate
André Veiga Milanez
Financial Directorate
Tatiana Coimbra Castello Branco
MUB3 - BRAZILIAN STOCK EXCHANGE MUSEUM
General Coordination
Lourdes Silva
Technical Supervision
Juliana Pons
Reference Center
Lídia Ananda Camargo
Communication
Anna Carolina de Oliveira Leite
Jaqueline Caires Lima
Acknowledgements
Pollyana Marin
MUB3 declares that it has made every effort to identify and credit the copyright holders of the published photographic images, as well as those who were photographed. If anyone recognizes their rights to any of these images that have not been correctly identified, please contact us at pesquisa@mub3.org.br so that we can correct and publish the authorship. MUB3 appreciates the feedback regarding omissions and inaccuracies and is available to correct them.
You are all set!
Your first Culture Weekly will arrive this week.