Federal Law No. 14.791/2023 on 2024 Budget Law

This law provides the guidelines for the preparation and execution of the 2024 Budget Law and makes other provisions. When it comes to official financial development agencies, it determines that the National Bank for Economic and Social Development (BNDES) must stimulate the creation and preservation of jobs to reduce inequalities, protect and conserve the environment with a focus on reducing the effects of climate change, increasing production capacity and boosting the competitiveness of the Brazilian economy and encouraging tourism. Banco da Amazônia S.A., Banco do Nordeste do Brasil S.A., Banco do Brasil S.A., BNDES and Caixa Econômica Federal should encourage the financing of projects that promote: a) sustainable rural production models associated with the goals of the Intended Nationally Determined Contribution - INDC, the Sustainable Development Goals - SDGs and other commitments made in climate policy, especially in the National Plan for Adaptation to Climate Change, aimed at recovering degraded areas and effectively and significantly reducing the use of agrochemical products, provided there is a qualified demand; b) expanding the generation of electricity from renewable sources, especially for the production of surpluses to be utilised through an electricity compensation system; and c) encouraging initiatives to adapt tourism to climate change and to reduce greenhouse gas emissions from tourism activities, especially carbon, in line with international methodologies. It also establishes that official financial development agencies must establish specific lines of credit to reduce gender and racial inequalities and mitigate environmental impacts, especially with a view to energy transition and mitigating the effects of climate change.